Budget 2024: Threading the Needle
National budgets are important for many immediate reasons - they paint a picture for what the coming year may look like in terms of the global economic environment, show the Government’s spending and taxation priorities and project what the domestic economy may look like as a result. Getting these things right or wrong has immediate political consequences.
National budgets are also important for shaping outcomes over the longer term. While budgets have immediate objectives, in a small economy so shaped by swings in global commodity prices and the development and operation of large scale extraction projects, a longer term perspective needs to also be considered. Particularly important is to look to how budgets set longer term incentives and signals to reduce the boom-bust cycle all too evident in PNG as new resource projects come along over time.
In handing down his 5th National Budget — Securing Our Future — the Treasurer, Hon Ian Ling-Stuckey, is trying to thread the needle regarding these immediate and longer term goals.
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