The Australian argues that Labor should cooperate with the government to help balance the budget, otherwise Australias AAA credit rating will rest largely in the hands of senators.
Despite the budget position deteriorating by $10 billion across the forward estimates, Scott Morrison secured his AAA rating from all three agencies for now. The Treasurer needs to convince them all over again, and with more certitude, in his second budget in May.
Labor is playing a cynical game of fiscal bluff. Instead of co-operating with the government to reduce spending, it insists on its high-taxing agenda and vows to block the Coalitions budget and election plan for staged company tax rate reductions. By portraying this as a budget giveaway to corporates, Bill Shorten is opting for the low road of class warfare.
While the Treasurer, bureaucrats and ratings agencies discuss fiscal contraction, expenditure restraint, profit projections and revenue forecasts, the reality is that while ever Labor chooses to obstruct, then economic reform in this nation will rest largely in the hands of senators such as Rod Culleton, Derryn Hinch, Jacqui Lambie and Nick Xenophon and his team. Remember that.
