Opinion
Budget should be all about productivity
This structural budget deficit could be closed by reforms that enable governments and businesses to do more with less.
Cherelle MurphyEconomistThe refreshed possibility of a surplus this year in Tuesday’s budget is no reason to celebrate – and it’s certainly no time to be restocking the “back in black” mugs.
The improvements are driven by bracket creep, strong population growth and deliberate under-forecasting of commodity prices, which mean that as the economy slows – which it inevitably will – deficits will return and the back in black mugs will be consigned to the far corner of the cupboard again.
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