I have graphed Payments as a percentage of GDP from the MYEFO and the Budget Papers and also the Receipts as a percentage of GDP from the MYEFO and the Budget Papers.
Very modest increases – hardly worth breaking a promise for these increases. So a lot of individual pain and inefficiency for little revenue.
Overall I like the changes to universities and fees. But I’m underwhelmed. The Medical Fund is simply incoherent and the shovel ready spending is atrocious – even invoking the stimulus spending rhetoric showed poor form, I thought.
Bottom line: Debt and deficit as far as the eye can see. Hockey has not produced a surplus either this year or in the foreseeable future.