Make politicians issue prospectuses

When entrepreneurs try to raise money, a prospectus restricts them from making false or misleading statements. Our nation's leaders should be held to the same standard.

The problem is not that the government is going to introduce a new tax, or perhaps several of them; that's a good idea. The problem is that Tony Abbott promised “no new taxes” in order to win government. He also promised not to break promises. Absolutely, definitely won’t do it, he said.

Tomorrow, as always happens with the first budget after an election, we will learn which of the promises will be kept and which will be ditched.

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