Why Stevens can bank on a budget surplus

As the Reserve Bank deals with the current air-pocket on economic growth, it would be folly for a change in Canberra's budget plans to get in the way. Fiscal tightening, not stimulus, remains entirely appropriate.

Australia’s budget debate is getting curiouser and curiouser, not least because it is still more likely than not that there will be a surplus in 2012-13 and those suggesting fiscal policy be loosened seldom take account of the consequences of their suggestion to run a deficit.

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