It was a serious mistake for Jack Chambers to plan for big increases in health and education spending without ensuring a stable revenue base to pay for them Photograph: Sam Boal/Collins Photos
On budget day, the focus of attention is on how changes in taxes and expenditure will affect us as individuals. We have become used to annual giveaways. Demands from interest groups and public expectations are that the budget set-piece will bring material improvements.
However, the budget plays a vital role in managing the performance of the economy, both today and in future years. The importance of budget day policy for the longer-term welfare of the public is often forgotten in the focus on immediate changes to our personal circumstances.
On many occasions in the past,
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