The Australian argues in its recent editorial that spending restraint must finally be a central element in the budget along with top priority given to taxation, welfare, federation, education and health reform.
If economic reform is dead, or even stalled, then Australia will be in dire straits. We already have been in a deep structural budget deficit for seven years.
If the reform stasis is allowed to go on there will be debilitating consequences for our fiscal position and net debt levels that will seriously curtail the options and opportunities for future generations.
Current political leaders, especially Malcolm Turnbull, Barnaby Joyce and Scott Morrison - but also Bill Shorten - must listen and act rather than surrender.
In opposition seven years ago Mr Turnbull warned of net debt reaching $188 billion, yet it is now approaching $300bn with gross borrowings topping $400bn already.
Like Mr Keating, Mr Costello has insisted the reform most needed is on the expenditure side.
We need line-by-line examinations of expenditure, as well as a careful focus on federal-state overlap and waste.
For the Prime Minister, his new Deputy, his Treasurer and their new team, there must be a renewed focus on two aspects of economic policy. Spending restraint must finally be a central element in the budget along with top priority given to taxation, welfare, federation, education and health reform.
