May 10, 2017


Commonwealth Budget

It is difficult to find much in the way of compliments for the 2017-18 estimated budget presented by the Turnbull government, or for the budget projections (not estimates) for the following three years. It appears, rather, to involve the abandonment of the policy of “smaller government”, but without saying so. Indeed it is difficult to say what the Liberal Party under Turnbull now stands for. Various remarks made in public by Turnbull and Scott Morrison left something to be desired in regard to the functioning of the economy, particularly in regard to justifying (sic) the levy on major banks, and presenting an encouraging message. Several commentators have suggested that the rationale is to adopt policies similar to those pursued by Labor in the hope that this will improve the Coalition’s polling. Shorten has rejected this and will doubtless have more to say about it in his reply on Thursday evening (but he will likely retain the deficit levy on higher income groups, which the Coalition says it will abolish as promised ).