See it before it’s gone forever

Caption: Look closely, and you can just spot a budget surplus in there. Picture: Garry Walton.

Young Australians are waking up today to a sight which few of them will ever remember seeing. Their elders talk in hushed whispers of this strange and beautiful sight on the horizon, once thought lost forever. But, even as the children rub their eyes and stare in awe, the beguiling mirage shimmers and threatens to vanish forever.

No, I?m not talking about the perennially doomed winter snow, the Tasmanian thylacine, or even Elvis.

What I?m talking about is at once both more mundane, and legendary: an Australian budget surplus. Quote:

An unexpected budget bonanza has doubled the projected sur?pluses over the next four years to more than $30 billion in a dramatic improvement to the bottom line in what the Coalition will today claim is the best set of numbers since the final year of the Howard-Costello government?

The turnaround for the government, which inherited $123bn in cumulative deficits from the previous Labor governments when it came to office in 2013, paves the way for an unexpected and sizeable war chest ahead of the April 2 budget and the May election, which could be used for further tax relief. End of quote.

How could this have possibly happened? The Rudd-Gillard-Rudd governments plunged the nation?s economy so far into the black hole of fiscal irresponsibility that it seemed unlikely that it would ever recover, at least not in our lifetimes. The last time Australia had a surplus, the iPhone was just a gleam in Steve Jobs? eye, and nobody had ever heard the phrase ?I can haz cheezburger??

But a combination of savings ? in spite of ferocious complaints from Australian welfare addicts ? and improved employment has achieved the seemingly impossible. Quote:

The mid-year economic and fiscal outlook will reveal radically lower spending numbers this ?financial year. which are believed to be worth up to $9bn and include major savings in welfare payments.

The Australian understands this includes $1.1bn in additional savings from fewer dole payments due to high employment growth and people going from welfare and into work. ?Josh Frydenberg will confirm that the budget deficit in 2018-19 will be at its lowest level since 2007-08 ? the last time a budget surplus was recorded?

?As the Prime Minister has made clear, next year we will ?deliver a budget surplus ? the first in a decade,? Mr Frydenberg said ahead of the update. End of quote.

Still, we?d best enjoy it while it lasts. Quote:

[This is] just the beginning of what is likely to be one of the most spendthrift election campaigns in history, because a $10-plus billion revenue windfall has hit the budget in 2018. End of quote.

As alluded above, a good half of Australia ? the half that gets more government money than they pay in tax ? is addicted to welfare. These leaners have no intention of lifting. Any improvement in the national bottom line is just an excuse to lean harder. Quote:

There can be nothing worse for the health of future budgets than the combination of a temporary lift in tax revenue and a federal election, especially one where a Coalition government is well behind in the polls and likely to lose, and is going to bring down a pre-election budget…and then on top of that we get the campaign promises of the Labor Party. End of quote.

It?s bad enough that the Morrison government will throw open the Santa sack in a desperate bid to hang on to government. What?s worse is what will happen if they lose anyway and Labor get free rein to start spending as much of our money as they like on their hare-brained socialist white elephants.