The Australian share market has opened two per cent lower in what is expected to be one of the worst days of trading over the last few years.
The problems with the Takata airbags became common knowledge last month, however, vehicles have been slowly called back to their dealers for much longer.
Mr Hockey also finds himself wedged between the soaring rhetoric about debt and deficit disasters, economy trashing carbon and mining taxes, “fair dinkum” paid parental leave schemes from his days in opposition, and a 2014 Budget that was condemned far and wide as little more than a ledger documenting the government’s broken promises.
Treasurer Joe Hockey will deliver his second budget on Tuesday, with families and small businesses set to be the biggest winners. In a bid to erase the memory of last year's effort which destroyed business and consumer confidence while doing little to curb the ballooning deficit, the government has assured Australians this budget will be "dull". Labor and the Greens say they won't support a 2014 budget measure to cut family tax benefits in order to fund the new childcare measures.