“It’s tax and spend, tax and spend”, writes our political correspondent Christian Kerr. “The perpetual motion machine will run on – until a real estate crash, soaring oil prices, a slowdown in China. Until something clogs the cogs”.

And Stephen Mayne says: “When Peter Costello became Treasurer in 1996, unfunded super was just $75 billion. The honest thing for the government to do would have been to cap that unfunded liability at $75 billion and take budget hits for whatever was necessary to stabilise it. Costello really shouldn’t be allowed to get away with this funny money accounting trickery”.

We’re struggling to identify losers from this budget, say the economic commentary team from Henry Thornton. “This is not a conventional Treasurer’s budget – and of course we all know why. Here is a prime minister in waiting, dishing it out to all and sundry, responsible, grave and, well, Prime Ministerial”.

Henry Thornton’s analysis