Roll up for the MYEFO horror show

Highlighting the severity of 'Labor's mess' may help buy Hockey political capital for painful cuts, but it could destroy the very confidence he needs to turn the budget around.

There is an old Goya drawing that, once seen, is hard to forget. Entitled Esto es peor (This is worse), it depicts the mutilated body of a soldier impaled on the branches of a tree.

It's ghastly, but after today it’s likely to be one of the few works of art more grim than Treasurer Joe Hockey's first sketch of the state of the nation's finances – the Mid-Year Economic and Fiscal Outlook.

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