Edited version of Greg Jericho's article.
There were significant benefits from that particular budget deficit blowout. It should be noted that it was after these budget measures were taken that, in 2011, Australia achieved the coveted triple-A rating, with a stable outlook, from all three major ratings agencies.
Had the budget been repaired, albeit it at the cost of growth, the rating agencies would have rewarded that strategy.
What innovative fiscal strategy have we seen, no innovation, no lateral thinking just the same old same old. Bleed the lowest hanging fruit, the unemployed, disabled and less fortunate.
And this will encourage growth. Come on pull the other one! Ideology must take a back seat, its time for logic.