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Malcolm Turnbull’s budget response was very political. The main practical point was to emphasise retaining the health insurance subsidy and substitute a 3 cent extra tax per cigarette to raise the same income. This is probably sensible in my view but small potatoes. Otherwise the attack was primarily on the size of the $57 billion deficit [...] This Budget is based on forecasts that unemployment would have grown considerably without future strong fiscal stimuli but that the economy will, in fact, turn around rapidly in 2011 and then grow at 4.5%. The debt that does stem from the Budget is significant but not overwhelming and probably unavoidable if one accepts the budget [...] I dont have anything to add to my earlier posts (here, here) about this most important day. It is a day of national pride and of reflection for those lost. But this article in today’s Australian touched me. Beautifully written and accurate. |
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