Budgets also look to the future:Wong

Finance Minister Penny Wong says the next federal budget is not only about generating a surplus, it’s also about planning for the long-term future of economy.

Senator Wong told a business dinner on Monday the promised 2012/13 surplus was right for an economy that is growing at around trend pace.

But it is also important the government meets the challenges of greater demands for services in future, as the number of Australians paying tax declines.

“While governments budget for the upcoming four years, it is the long term by which they should be measured,” Senator Wong told the Australian Chamber of Commerce and Industry corporate leadership dinner in Canberra.

“It is our job as responsible economic managers to make the right decisions now to ensure the budget is able to meet the needs of Australians for the long term.”

Managing a budget was about making difficult choices and if the Coalition opposed those choices it should come up with alternative saving measures, she said.

“Managing the budget is about prioritising policies. It is not calling for a surplus, yet blocking responsible savings measures,” she said.

Ms Wong also responded to recent concerns in the community that the government shouldn’t lock itself into a surplus.

“Our vision is to strengthen the economy – through investing in skills, through infrastructure – while staying true to values Labor has always stood for – supporting jobs, helping those who need it most, tax relief for low-income earners and small business,” she said.

Ms Wong said the national economy was changing rapidly.

“It is change that cannot be avoided nor wished away.

“Managing change, preparing for the future, making the most of our opportunities in this Asian century, require us to have the building blocks of our economy right.”

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