The economy: proposed narrative

4. The current government is responsible for fixing the budget, which involves cancelling programs we cannot afford, slowing and/or making less ambitious programs Australia currently cannot afford in their current form.

5. Every Australian must share the pain, which includes a modest levy on marginal rates of tax above $xxx K. It will include a 20 % temporary cut in politicians' salaries (or, if this is not feasable, a voluntary cut in government salaries or equivalent payments to a recognised charity. The government also urges all Australians who feel they can afford to do so to increase their contributions to recognised charities.)

6. Companies whose costs are making them uncompetitive are urged to talk with their workforces to seek changes to remuneration practices, either temporary or permanant, to restore competitiveness. Top managements should take the lead in accepting cuts to their remuneration of a similar proportionate magnitude they wish their staff to adopt. To the extent that productivity can be improved, remuneration cuts can and should be smaller.

7. Specific promises made before we knew the magnitude of problems facing the nation may need to be postponed in whole or in part. We apologise for this but note that officials did not warn of the size of the problems we are now dealing with, nor did the major business representative groups, or indeed most economists or journalists.