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Their more immediate task, however, will be to consider revising the budget with a view to delivering a surplus this year, thus mitigating the risk of a withdrawal of investor confidence.
But delivering a surplus is vital for Labor to counter long-standing voter perceptions of the party as poor economic managers and recover ground lost after a series of bungled spending projects ahead of last year's dead-heat elections.
At the time, the Coalition's then spokesman on scrutiny of government waste, Jamie Briggs, denounced "blatant political campaigns" and said: "If Labor were serious about reducing debt and delivering a surplus, they wouldn't engage in such wasteful spending".
The chancellor has signalled that he will make spending cuts of £4bn as he battles to hit his self-imposed target of delivering a surplus on the public sector finances by the end of this parliament.
Labour has stayed tied to their fiscal responsibility election promises, and delivering a surplus.
Similar(55)
And we will deliver a surplus on the current budget".
Why can't Labor every deliver a surplus?
Imagine you had been treasurer of Australia for six years and never once delivered a surplus.
Whether Hockey is any more likely than Wayne Swan to deliver a surplus is not the point.
He endorsed a pledge by Joe Hockey (pictured), now the treasurer, to deliver a surplus in each year of his government's first three-year term.
He endorsed a pledge by Joe Hockey, now the treasurer, to deliver a surplus in each year of his government's three-year term.
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