PM Gillard and Treasurer Swan take pride in their budget

Treasurer Wayne Swan is confident that his budget strikes an exemplary balance and had been put together in some of the most unprecedented circumstances in Australia’s post-Federation history. Swan was addressing to the National Press Club in Canberra on Wednesday.

“I do think there’s a sweet spot between the austerity freaks who say cut way harder, and the green types who would happily see the bottom fall out of the budget,” said Mr Swan.

On the other hand, the Coalitions fears that Labor’s forecasts are not realistic. However, they also seem reluctant to voice their opinion on massive spending cuts.

“I think I owe my colleagues and the Australian people a commitment that we’re going to look very carefully at what is in this budget before we make rash, knee-jerk decisions. There are a whole lot of cost pressures on families. The reason why we’re in this position is because the government just hasn’t done its job,” said Joe Hockey.

The recently released budget does not include the baby bonus, which means the government will be saving up to $1.1 billion in the next five years. Defending the cuts, PM Gillard said the tough spending cuts would pay for key reforms such as the Gonski education funding and DisabilityCare.

“People can chide about the forecasts, but getting told off for failing to predict something that’s never happened before, I think from a common sense perspective people would say ‘gee, we understand it’s hard to foresee’,” Ms Gillard told a TV channel.

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