Editors' Picks - 25 May 2014

Editors' Picks - 25 May 2014

This week in Editors’ Picks we bring to you a round up of the conflicting opinions of the 2014 Federal Budget.

Labor’s response to the 2014 Budget 

“I think it is incumbent on all politicians to be realistic about what we can offer, realistic about what problems can be fixed and how they can be fixed and I think there’ll be respect for that. It’s always tempting for a politician. Of course it is, always tempting to say I have a big fix and it won’t have any cost, but you’ve really got to have a mind for your credibility post-election.”

– Chris Bowen, Shadow Treasurer

Abbott will not blink on the Budget 

“Look, there are a lot of merits in this and this is what they are. They will get us out of Labor’s debt and deficit disaster. If you have a better idea, tell us what it is.”

– Tony Abbott, Prime Minister

Australian economists react to the Budget

“There is no concern for a structural deficit in Australia and therefore no need for such repairs. There is too much preoccupation with the public debt in this federal budget, and we should focus instead on using debt as an instrument of growth rather than employ measures to reduce spending.”

– Lawrence Abeln, Dean of the Business School at the University of Adelaide

The Politics of Vested Interest

“The question for all politicians in this Parliament is whether they will act in the national interest or support the vested interests that have undermined the Australian economy for a decade. This is a much bigger question for Australia’s future success than who broke which promises.”

– Warwick J. McKibbin, Senior Fellow of Economic Studies at Brookings

A comment from the budget architect

”People will protect their sectional interest, that’s understandable, but I wish people could also stand back, look at the overall picture of the Commonwealth budget and rather than say ‘don’t touch me’, say ‘what can be our contribution to a sustainable surplus’.”

– Tony Shepherd, Head of the Commission of Audit

A weakened economy is another Budget casualty 

“The elephant in the 2014- 15 budget room is not Clive Palmer but the economy, which has been barely mentioned in dispatches.”

– Peter Sheehan, Research Director at the Centre of Strategic Economic Studies at the Victoria University