THE chairman of one of the nation's leading banks believes the federal government should be continually assessing budget policy, just as the Reserve Bank of Australia (RBA) does with monetary policy.
Treasury has reportedly advised the government to dump its commitment to a surplus, warning a slump in nominal economic growth poses a threat to revenue.
The government has repeatedly said it is sticking to its promised surplus, which was forecast to be $1.1 billion in 2012/13 in the mid-year budget update released in October.
Westpac chairman Lindsay Maxsted was quizzed on the surplus by reporters following the bank's AGM in Sydney on Thursday.
"I think it is good policy to be continually reassessing what fiscal policy should be in place, just as the RBA continues to consider what monetary policy is in place," Mr Maxsted said.
The RBA board meets 11 times a year to assess interest rate policy, while the government only reveals its budget forecasts twice a year.
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