July is a wonderful month, blessed by federal parliament not sitting and so temporarily depriving the Turnbull government of opportunities to buy more deficit-boosting parliamentary victories, like adding $5 billion to our national debt as the price of getting Gonski 2.0 through the senate. But it’s not just the politicians who are ready to add billions to the national credit card; by distinguishing between good debt and bad debt, the once-miserly Treasury Department that always sought to impose unwelcome fiscal discipline on vote-buying governments has now joined Glenn Stevens in excluding big-ticket ‘good’ infrastructure projects from the urgent need to...