As potentially the final act plays out in Treasurer Wayne Swan’s Federal Budget performances, it is perhaps fitting to ask the question – was this long drama a comedy or a tragedy?
Tonight’s budget was a safety first affair, largely being a renouncement of previous big announcements designed to reassure the patrons before they prepare to leave the theatre. There is nothing in this budget to give a strong indication that the box office will not close on 14 September when the Federal Election is held.
The Budget confirms the announced significant deteriorations in the fiscal outlook. Deteriorating commodity prices, diminished company tax revenues, disturbingly low carbon tax and mining tax revenues. The inability of the Treasurer to reliably estimate short term forward revenue over past months definitely presents as a comedy.
For the full federal budget 2013-2014: comedy or tragedy? article click here.