Despite the hand-wringing from many business leaders and conservative commentators, the Senate is set to actually save the government tens of billions of dollars. Indeed, it is likely that a diverse Senate will be more concerned with the budget bottom line than the pre-election Liberal strategists were. While an eight-week election campaign was not enough to force an answer out of the Coalition about how their $48 billion tax cuts would be funded, no doubt an eight-day Senate inquiry inevitably will.
Last week, credit rating agencies rushed to make a judgement on the election before the results were even known. But this arrogance -- from the very same agencies that certified the stability of the banks that crashed and caused the GFC, meant a much bigger point was missed. When it comes to the revenue side of the budget, many of the crossbench parties, Labor and the Greens come bearing cash.