An occasional pat on the back for Treasurer Scott Morrison today as he says he will not spend any iron ore windfall:
The federal government will frame a May budget with tax increases or spending cuts to make up for its blocked omnibus bill, despite a potential $30 billion revenue windfall caused by a booming iron ore price.
After the Nick Xenophon Team punched a $4 billion hole in the budget on Tuesday by declaring it would join Labor and the Greens and block in the Senate the bill containing a raft of welfare cuts, Treasurer Scott Morrison said the remaining options to recoup the revenue would have to be higher taxes and/or spending cuts elsewhere.
