It is always possible that the "surplus fetish" the Coalition has had since 2008 may finally be broken, and reasonable budgetary measures may be needed for a while yet.
We were probably heading for a recession anyway, and this has just brought it on much sooner. But growth was always going to be an issue when the Government was proudly proclaiming their financial genius of removing around $50,000,000,000 per year from the economy to reduce the deficit. That's $2000 per person in Australia, which is about how much consumer spending was contracting by.
In the 1970's, no one thought it unreasonable to have higher taxes than we do now, and our services were less. Maybe we need a rethink of our priorities as a society.