Graph of the week: Budget 2013, complacency and household debt

The big question hanging over Budget 2013 has little do to with the state of the government accounts.

These are tracking rather better than expected 12 months back. A slowly stabilising world economy and tax revenue running 5% ahead of a year ago – mostly through a pick-up in economic activity – will do that for you.

But getting the government books back into surplus is not the be-all and end-all of economic management.

A phrase occurring twice in the Budget documents should raise an eyebrow or two – or perhaps even the hairs on the back of the neck.


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