The key points are as follows:

• The positives in the Budget are more for education, disability care & roads and savings in middle class welfare.
• However, the deficit is far worse than expected, with a surplus pushed out at least three years.
• While the Government has announced more budget savings their impact is zero for the year ahead.
• It’s hard to see major investment market implications flowing from the Budget, although the initial reaction in the currency market was negative.
• Australia’s public finances are benign compared to other advanced countries, but given the biggest resources boom in our history they should be far stronger.

To read this edition of Oliver’s Insights, click here.

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