Joe Hockey will unveil the Abbott government's first Budget tonight, one designed to reduce government debt and set us on the path to surplus. Going back to the early '70s, governments have managed debt, deficits and spending blow-outs in different ways, writes Keri Phillips. Budgets have become increasingly politicised in Australia and there has certainly been much debate in the lead-up to this week’s Budget over spending cuts and the size of the deficit. However, the concept of a balanced budget is fairly straightforward, according to David Primo, associate professor of political science and business administration ... (full story)