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The Abbottalypse continues to mushroom outwards today consuming all policy, politics, personnel and strategy in its path. The overriding fallout is general dismay at any budget retreat. Peter Costello launches a broadside, at The Australian:

PETER Costello has warned that any retreat from the federal government’s savings push could “completely break the budget and the country in the years ahead”.

Australia’s longest-serving treasurer and the chairman of the Future Fund told The Australian yesterday that the government would be “letting down the country” if it “gave up the effort to ­balance the budget”.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.