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Swings and roundabouts

Swings and roundabouts

Wayne Swan's first federal budget was a major test for the new Labor Government. Cartoonists took aim at the controversial baby bonus means test, and luxury car and alcopop taxes. At midyear, the budget surplus and comparatively high interest rates were both designed to contain inflation. However, by the end of the year the focus had shifted to trying to keep the economy out of recession.