Am I the only geezer who thought that the array of Liberal (conservative) pickpockets commenting bitterly about Swan's budget was quite hilarious?... Swtiching channels, there, at every turn of phrase that did not mean more than ziltch, these Liberal (conservative) clowns — some new shadow figures on the scene — were poopooing the government as bad government because "Labor is bad government"... You can see that by repeating this mantra, like Downer used to do with the lie about Saddam's WMDs, they may get some traction with the lower non-thinking denominator of the populace... It's perverse of course that the poorest and less educated would be prepared to trust these Liberal (conservative) clowns on such matters as money... forgetting they've been robbed blind by the said Liberal (conservative) clowns before and that Swan is doing his best in a very difficult volatile climate to steady the ship and give everyone a go (except the clowns)... Sure the budget is not perfect, but so far Swan has proven to be able to sail upwind with a steady hand...

Swan Cheese versus Costello Chalk, for sure...

By Alan Kohler

Lindsay Tanner, come back! All is forgiven.

The former finance minister would have been embarrassed by this budget: despite all the stern prime ministerial repetition, it is not tough. Revenue forecasts made just six months ago have proved to be way too high, yet spending has gone on regardless. What's more, the optimistic forecasts remain just as optimistic.

Any decent CFO would be embarrassed by this budget.

There has been an $8 billion blow out in this year's deficit since the Mid Year Economic and Fiscal Review (MYEFO) last November, and a $10 billion blowout in next year's deficit.

The return to surplus the year after, requiring a $26 billion turnaround in the bottom line in 12 months, is simply based on ignoring what's happened and plugging in the same economic parameters for 2012-13 as before.

http://www.abc.net.au/news/stories/2011/05/10/3213144.htm

A bit glib Mr Kohler to call Tanner back... And between you, me and a lamppost I have the feeling that SHOULD YOU be in charge of the budget, we'd be getting more sticks than carrots and still be going down the gurgler... You sound like these accountants I had to fight against who were prepared to cut all expenses, such as buying stuff to make stuff, in order to save money... You should know the rest... the less stuff you buy to make stuff the less stuff you make, soon you find yourself being in charge of a ghost factory...

I believe that on the other hand, Ross Gittins is prepared to say the budget is "brave"... Coming from a public servant, this word would sound like a death warrant (the Sir Humphrey syndrome) but coming from a respected journo economist who gets it right about 99 per cent of the time, I believe it is praise indeed...

-----------------

Despite apparent contradictions, Swan has shown real courage.

Julia Gillard and her government may be suckers, but they deserve an even break. Every budget contains things to criticise but, overall, this one is good. We were warned it would be tough and it is - especially on the better-off.

It could have been more excruciating - economists are hard to please when it comes to inflicting pain - but it's tougher and more courageous than all but the first of the 12 budgets the now-sainted Peter Costello delivered.

This is a budget which ignores political pandering.

Julia Gillard and Wayne Swan have done something audacious and unexpected. The weakest federal government since the 1940s has produced one of the more spartan and responsible budgets of recent times.

It is the first minority government in 70 years, yet it has done less political pandering in this budget than much stronger governments have done.

There are two telltale signs. For the first time in nine years, this budget gives out no income tax cuts. That last happened in a bygone era when wireless internet was just a dream and when sports enthusiasts were looking forward to the Athens Olympics of 2004.