The commentariat points out that most of MYEFO was money shuffling, but that it'll still have a significant effect.

The most consistent word used in this morning’s commentaries on the Mid-Year Economic and Fiscal Outlook (MYEFO) is "fiddling”. There are a few measures in place to reduce spending, but the Wayne Swan fiddle is doing a lot of the work returning the budget to surplus.

These narratives fly in the face of those calling on Canberra not to cut in tough times – the economic data doesn’t lend itself particularly strongly to those calls either.


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