Reports today that the Government is planning to withdraw funds from the Future Fund to help with the return to surplus in 2012-13 are completely incorrect.
The Government is not making withdrawals from the Future Fund. The Future Fund is simply making a small change to the types of assets it holds.
The timing of the sale of these assets is a matter for the Future Fund. The budget papers simply reflect the assets the Future Fund plans to hold going forward.
Any funds raised from the sale of non financial assets will be kept by the Future Fund - not by the Government. This means that the Government cannot spend these funds.
Suggestions by the Opposition today that the Government is 'raiding' the Future Fund are completely false, and just show how little understanding the Opposition have of how a budget operates.
Instead of making up false claims about the budget, the Liberals should focus on fixing up their $70 billion budget hole a figure their economic team cannot even agree on.
Mr Hockey should also stop trying to avoid scrutiny by undermining the role of the Parliamentary Budget Office. If the Coalition was serious about budget accountability and transparency, it would support the recommended model for the PBO and the Government's legislation.