And so while the government has to take its surplus commitment very seriously, in the next fiscal year alone, government needs 70 million more in additional tax revenue. But, won't they choke the economy by squeezing out more taxes from consumers, workers and businesses? That's what we asked The Fin. Sec. today:..
Jules Vasquez, 7News
"Will this not have necessarily a natural contractionary effect on the economy if people are more taxed and have less disposable income?"
Joe Waight, Financial Secretary
"It's always a concern that you don't want to increase your tax to the point where it becomes negative impact growth. It's a balancing act you have to do."
The Budget will be Rea don Monday morning, and by Monday night's new we'll be able to tell you exactly where that 70 million in additional tax revenue is coming from.