Recent developments have allayed some of our concernsthat the private sector would respond to the economicupswing by going on an unproductive spending spree. Bycontrast, we were disappointed to see the Governmentloosening its purse strings in Thursday’s Budget – despiteunchanged revenue forecasts. Ideally, the Governmentwould be making more room for the economy to expand,and building bigger buffers for the eventual downturn.
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Westpac