Another budget bounty for the Lucky Party?

Will the Liberal Party’s historic economic fortune hold for this budget? Balancing Joe Hockey’s books would seem to require Australian private sector debt around 250 per cent of GDP by 2025. That’s not an off-the-planet outcome.

Virtually everyone knows of the description of Australia as “The Lucky Country”, but far fewer know that the reference was actually derogatory: Donald Horne, who coined the phrase, commenced the last chapter of his book of the same name with the phrase “Australia is a lucky country, run by second-rate people who share its luck.”

Of course, such a put-down would never do in Canberra, where both major parties are forever trying to convince us that, without their skillful management, we would be truly cactus.

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