I have scanned the major news website headlines and stories, listened to the radio current affairs programs and watched the television news. I am working my way through all those pages of the Audit Commission report. And I am still wondering what all the fuss about this budget deficit is all about.
My conclusion is that governments for the next few years should stop having new spending and tax reduction proposals. Then a few years of growth and a dash of inflation will solve any problem. And if the growth does not come there's little that any Australian government can do about it. Most of what will happen is outside the control of a government of any political persuasion.
Thankfully we have a Senate where the numbers ensure that the austerian flavour of the Audit Commission will be ignored.
I'm an optimist and remain far from panic mode.
See also my comment written before the release of the Audit Commission report: Look at the Audit Commission through the prism of minority government