Recall Scott Morrison’s Budget fantasy:
From Stephen Anthony today:
On budget night, Scott Morrison pivoted from deficit-busting achieved through spending cuts, to a higher tax strategy — raising the Medicare levy and imposing the new bank levy — and by projecting rosy growth rates. He has assumed surging growth in tax receipts (from households and businesses) averaging 7 per cent over the outlook. He has assumed welfare payments to households will grow less than 2 per cent in nominal terms over the same period.