As the ABC’s business editor, Ian Verrender, writes today, the bigger problem for Australia is private debt: “While our government debt is still relatively manageable, our private sector debt and particularly that of households, is not. It recently shot to $2.466 trillion, almost 200 per cent of disposable income, amongst the highest in the world”. Verrender warns that the Australian economy remains tepid, and highly vulnerable to a slowdown in China. Recovering revenue, not spending restraint, has brought the deficit back towards surplus. No matter how much good news the treasurer has for us tomorrow, Australia can hardly afford to pop the champagne corks.