The level of government debt is a growing concern for the current Australian Treasurer who has the responsibility of managing the government budget. Summarise the key arguments on the debate around Australian government deficit. Your summary must address the following;

What is the major concern of running government deficits?

What is the economic reasoning to have a balanced budget? and

When might a budget deficit/surplus be OK?

Conclude by briefly discussing what policies you would suggest to the Treasurer in order to balance the budget and why. The summary should be at least half a page in length.