Back to the Past?

The tax proposals are weak and smack of scattershot populism of the years prior to 1991. A saving grace is the strong commitment to reform of procedures but at present this is only a statement of intent. The economic reforms announced are modest though welcome. In substantive terms there is nothing remarkable about the budget�s expenditure priorities. As for expenditure containment and control, the budget provides an antithesis by its unprecedented indulgence in underfunded initiatives. And this is likely to make the unusually large projected fiscal and revenue deficits substantially greater as the year runs its course. This too brings back memories of the 1980s.