I’M really impressed at the news that our Government has declared its second budget surplus in two years during these tough times.

We are now talking billions of dollars spare in the Government’s pocket, which we hope is used to reduce Australia’s eye watering debt level.

I’m not playing politics here but like many Australians I never expected an ALP-run government to show a profit and exhibit some restraint when dealing with their supporters who are crying out for government monetary support.

It’s nearly election time my friends, so all of a sudden fiscal responsibility becomes important.

By delivering these results, they should be applauded.

It is interesting then, that senior government ministers were unaware that the Treasury had been asked to do some numbers on moderating the tax benefits on both negative gearing and capital gains tax concessions.

We all know that the greatest wealth saving is held by retirees and that sum is suggested as A$9 trillion.

The Government’s debt stands at about A$3.5 trillion.

So wouldn’t it be easy to flog the retirement horse as most of them had never voted ALP whilst spending their lifetime building that nest egg.

When Wayne Swan was Treasurer, he had an advisor who suggested that removing franking credits and introducing a wealth tax on retirees might be an approach to claw back their debt structure, and not lose many votes in the process.

That advisor is current Treasurer Jim Chalmers.

The advice lost Bill Shorten his unlosable election and the chance to become Prime Minister.

We all realise that it would be political suicide to move in that direction on the eve of next election, but what are the odds of moving that way at the earliest opportunity should our present government be reelected.

They would then have a period of up to four years for that action to be forgiven.

By John BLACKBOURN