It's always interesting to know how many "new" policy announcements will be unveiled on budget night, as opposed to formalising what has been drip fed in the media over the preceding weeks and months.
Much of the key messaging has already been floated and particularly borrowing more to spend on infrastructure ("good" debt rather than "bad" debt) with further expected budget deficits to take Australian government debt past the half a trillion dollar mark.
We'll have to wait another 24 hours or so to see whether these predictions are right but, after a pretty weak start to his prime ministership after ousting Abbott, maybe we are going to start to see a legacy of improved infrastructure from the Turnbull government via a modestly leveraged government balance sheet?
A different spin on debtThe foreshadowed distinction between "good" and "bad" debt is another element of the budget's effort to distance the Turnbull Government from its predecessor. For all of Tony Abbott's efforts to portray himself as the infrastructure prime minister, public infrastructure spending actually declined on his watch. That partly reflected the Abbott government's unwillingness to accept the advice of then RBA governor Glenn Stevens, the IMF, the OECD and others, that government borrowing, especially at record low interest rates, to fund well-targeted infrastructure investment was a good thing.