Now is the time to build for the "next boom" or as Mr Keating put it "prime the pump", Money is cheap on the international markets, unemployment is creeping up and the economy is slowing back to the doldrums of the late 90's. Now is the time to build things like the NBN, High speed rail networks and other big ticket items.
Debt isn't a bad thing when it's used properly to build infrastructure that will create the conditions for the next economic boom. Instead we have a govt that has consumed the "trickle down" yellow koolaid and is just cutting in the bad times, and then cutting it's own throat in tax reductions in the good times.
Howard and Co pissed away the last boom by cutting taxes when they could have kept them where they were, and created a future fund for infrastructure like Finland has.
So now we'll end up with a GST raise in the next few years, to pay for all the tax cuts and goodies for the baby boomers. Basically the next 20 yrs will be pandering to them because they are the biggest voting bloc in the country.