Business
The Coalition’s historic budget shift: no more surpluses, lots more tax cuts – Sydney Morning Herald
In the federal budget the Liberals adopted the mantra of America’s Republicans: Surpluses don’t matter when you are cutting taxes.
Every time a recession pushes the budget into deficit, they fight untiringly until the economys recovery and much fiscal consolidation has returned the budget to balance. Their rationale for this obsession is that if they dont care about balancing the budget, who will? The vote-buying politicians?
Early in the term of the Howard government, when the budget had still not fully recovered from the recession of the early 1990s, Treasury persuaded the Libs to enshrine this objective as their medium-…
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