By Janine Perrett

Fasten your seatbelts, it is going to be a bumpy old week on stockmarkets.

For  a start there are jitters ahead of the big Fed meeting and decision on whether to go ahead with so-called "lift off" to raise interest rates which is scheduled for Thursday 6am our time.

Meanwhile we have our own excitement this morning with the release of MYEFO  - The Mid-Year Economic and Fiscal Outlook. 

Who would have ever thought there would be so much anticipation around an economic and fiscal outlook document? I couldn't give that story away a few short years ago, MY-F-what?

But with global markets in turmoil, commodities prices crashing and that Fed decision due the same week suddenly everyone is sitting up and paying attention.

But most importantly it is a new PM, and a new Treasurer, well there's a new paradigm for you.

(Actually I just threw in that last one to check if you're up on all your corporate jargon for MYEFO).

What you mainly need to know is that with iron ore prices prices plunging it means we are getting less money in the coffers but Treasurer Scott Morrison has been claiming that is not a revenue problem.

So it will be interesting to see what he does on the spending problem then.

He will try and channel his tough "I turned back the boats" from his previous ministry while still having to maintain fragile business confidence.

So he'll also have to have a touch of the jovial Joes (that was his predecessor in case you've forgotten) and tell us the sky is not falling in.

Even when he might want to say that all signs indicate it could be.

IF you listen to what's gone in Paris you might think so.

So my MYEFO guide is yes the budget deficit will blow out by many billions, markets will be jittery anyway because of the US and overseas factors, as will be the dollar, but eventually we will get through this.

Keep calm and carry on; the world is not coming to an end.

 

Well not for a few decades according to those climate change experts.