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When will we end the budget hype?

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  • For FM, 85 per cent of expenditure is actually exogenous. For the remaining 15 per cent, this is what a reforming FM should actually tell Parliament: These are the tax and non-tax revenue resources I possess. In terms of priorities, this is what I propose to spend those resources on. No FM since 1991 (or before) has dared state prioritisation of resources or their opportunity costs in such stark terms. Because once one does that, one can't please everyone, or at least convey that impression. That's the reason we are stuck with budgets, inordinately long budget speeches and hype. We don't need a budget. No diabetic needs sugar. But like diabetes, addiction overcomes common sense.

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