MYEFO should count the benefits of tax cuts, not just the cost
The PBO’s presentation of cuts to taxes as a cost to the budget dogs the tax reform debate with an over-emphasis on redistribution and revenue, rather than growth and prosperity.
Budget watchers would know that the mid-year economic and fiscal outlook arose with the introduction of the Charter of Budget Honesty in 1998, which itself followed the so-called Beazley fiscal black hole of the 1996 federal election campaign.
The charter requires the government to publish what is essentially a progress report on its budget by the end of January or within six months of the budget’s delivery.
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Alex Sanchez is an economist and former senior adviser to the Albanese government and formerly General Manager of Policy at the Insurance Council of Australia.
