Centrelink office

Australia’s mid-year budget update put a grin on Treasurer Scott Morrison’s face. Everyone was expecting the nation’s finances had turned ill. We thought the ratings agencies were about to descend, and place the tender neck of our triple-A rating upon the guillotine.

Instead, Morrison released a MYEFO that managed to keep deficits fairly modest and debt more or less under control.

Some of the improvement was in so-called “parameter and other variations” where the Treasury rejigs estimates of how much big programs will cost.