Comments on Stephen Bartholomeusz “The fly in Treasury's ointment”, 15/07/2010, http://www.businessspectator.com.au/bs.nsf/Article/budget-economy-Wayne-Swan-MRRT-pd20100714-7CAML?OpenDocument&src=sph
While it is perfectly normal to change and update assumptions used in modelling or forecasting, any change or update must reflect changed circumstances.
What is unclear to the changed assumptions of commodity prices by Treasury is what had changed between the budget and its new update that has constituted material changes to cause an upward revision of commodity prices.
The world economy has not changed for better. Nor have the Chinese economic prospects.
Treasury should have an obligation to explain to the public what has caused its changes to its assumptions. Otherwise, its reputation will be seriously damaged. That would not be in the interest of good public policy advice and decision making.
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