Today, Wayne Swan the Australian Treasurer, announced that its oft- repeated promise and later aspiration for a budgetary surplus is no longer a goal of the Australian government.
In the rest of the developed world, it appears that deficit financing is a vice to be avoided at all costs:
In an unwelcome Christmas present for the French, the contentious austerity budget unveiled by president Francois Hollande in September has clinched parliamentary approval after months of deliberation. President Francois Hollande’s budget aims to cut €30bn, two thirds of which are set to come from tax hikes, including a 75pc levy on income over €1m – a measure which has seen French actor Gerard Depardieu revoke his citizenship in indignance.
The whole of Europe is enthralled by surpluses.