New $31 million hole in the ACT budget - No worries just yet.

Katy Gallagher is engaged in turd polishing trying to put a positive spin on the Commonwealth MidYear Economic and Fiscal Outlook (MYEFO) which has torn $31 million in GST revenue out of the ACT Treasury.

Katy remains committed to somehow balancing the books in 2013-14, safely after the next ACT election in 2012.

On the bright side MYEFO has not called for any further cuts to Commonwealth spending in the ACT, the main artery of our economy.

So eat drink and be merry until after 2012 when it’s hair shirts all ’round.