Well last night’s Australian federal budget was a total disgrace. Which means I am either crazy or the most of the rest of the commentators are because they are all hailing it as wonderful piece of policy. Lately, I have increasingly been reading this claim that governments have to conduct “fully-funded spending” as some sort of icon of fiscal responsibility. The Australian treasurer said it repeatedly in his speech and in his following press interviews. Whenever I read or hear that idea I say quietly: What part of accounting don’t they get?