FEDERAL BUDGET 2012: No smoke, no mirrors

At its core, what Wayne Swan has handed down is a big taxing, big spending budget – just what you’d expect from an unpopular government approaching an election.

And everyone thought this was going to be a tough budget. It was a piece of cake really – Wayne Swan hardly had to employ any smoke and mirrors at all. Just do a bit of pea-and-thimble shuffling of spending out of 2012-13, and revenue in, both forwards and backwards, forecast a bumper 11 per cent increase in tax revenue, and – hey presto! – watch me pull a surplus out of my hat.

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