MrPresident replies to: AUD/USD

Today we have the shadow treasurer speaking at the national press club.

He has so far leaked to the press that he will increase the budget surplus and start repaying down debt.

This will be interesting as there is no magic pudding so he can either raise taxation or raise taxation.

Given the state of the economy the fragility of increasing taxation could tip it into a recession.

His target is retirees with pension funds with imputated tax credits and negative gearers for investment property.

Given the stagnation of wages this could hurt many.

The reason why this is an important is because the opposition is leading in the polls.

Lets see what he has to say around 12.30pm East Australian time.

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