Morrison still high on Budget acid as outlook sinks

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From the The Australian:

“Australians have been making big sacrifices to ensure that we’ve achieved the growth that we’ve had and I want to tell them that it’s been worth it,” he said.

Mr Morrison also believes this year’s budget is grounded in the principles of fairness and opportunity and is a practical response to the challenges facing modern Australia.

“I’m responsibly optimistic that there are better days ahead, we can see them but we have to secure them,” said the Treasurer Scott Morrison outside Parliament House.

“What you’ll see tonight is that we’ve sought to be practical. Budgets are all about choices, this budget is about making the right choices to secure the better days that are ahead. It’s based on the principles of fairness, security and opportunity. The choices to ensure that we grow our economy for more and better paid jobs. The choice to ensure that we guarantee the services that Australians rely on. The choice to ensure that we put downward pressure on rising costs of living, and, as always, the choice to ensure that the government lives within its means.”

Mr Morrison said there was no silver bullet when it comes to delivering a budget without revealing any more detail about specific reforms.

“I think are tired of superficial responses that don’t treat problems seriously,” he said. “These are complex challenges and they need comprehensive solutions. But those solutions will only go so far and governments have to apply themselves to them.”

I would like to tell my kid that he can have a violet crumble the size of a building. He’s earned it. But it doesn’t make it so.

The Budget is an acid trip thanks to this one chart:

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Iron ore is already 2-3% below the Budget outlook and collapsing…

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.