The mid-year budget update reveals the size of the problem, and it isn’t just about spending

SCOTT Morrison’s mid-year budget update is mostly a good one, as far it goes. All it attempts is some sensible housekeeping to offset new spending with savings. The government’s choices, by and large, seem to me fair ones.

The real question is whether it should have gone further. “Coalition Gives Up On Surplus,” screamed the Financial Review, before scrapping that headline for a more positive spin. “Deficits Fuel Debt Nightmare” howled the Australian yesterday, followed by “Debt Bomb Builds After Surplus Slip” today. There’s more than a bit of journalistic licence there, but also more than a bit of truth…

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