The accepted, and wrong, way of analysing the Budget speech is to tot up the goodies, or baddies, that the government of the day has meted out. And, in fact, the two main parties have been at this game ever since Dr Gonzi rose to deliver the speech on Wednesday: was the Budget too much, or too little?

Despite claiming that the attitude of “What did he give us?” reeks of the bad old days when the nation waited with bated breath to know what the new price of mackerel in tins would be, this is what our so-called mature politicians end up doing every year.

Instead, the most important part of the Budget Speech every year, and especially this year, is always the first part, which is mostly glossed over by a media in a hurry to announce the goodies and/or the baddies. The first part of every Budget Speech always speaks of the economy, along with numerous other official publications and pronouncements such as the Central Bank’s Quarterly Review and so on.

Dr Gonzi had two main points to make on Wednesday:

1. The budget deficit has shrunk again, according to plan.

2. And the economy is finally growing at a creditable rate: 2.6 per cent this year.

That is very welcome news for a country and a population that has suffered over the past years not just to get the public finances under control but also to ensure that, in so doing, its growth would not suffer. The country can now look to the future, well, at least the immediate future, with some measure of confidence and optimism.

But the country, and its leaders, would do very well not to rest on their laurels and to push for even higher rates of growth. There is still slack which must be taken up. There is still room to grow.

Some of the measures the Prime Minister announced on Wednesday do address this need to further stimulate growth. Thus, for instance, the easier tax bands, such as they are, and perhaps more importantly, the changes regarding part-time work. But we need more, as not all that can be done can or should be listed in Budget Speeches. More than being items in a Budget Speech, they must become the cornerstones of government action.

There is, for instance, much to be done to cut down on the government-induced costs that still impinge on businesses, especially SMEs. Something was mentioned in the Budget Speech, but this has been a staple item in the past years (such as the venture capital fund) without it ever making it to the starting block. There are still various government bodies, such as Income Tax, VAT, and so on that demand different things from businessmen, so businessmen have to spend valuable time to fulfil their various requirements instead of concentrating on doing more business. Why not come up with a common template instead of filling five different forms?

It is a matter of national concern that while the steps announced in the Budget Speech regarding part-time work did not need rocket scientists to propose them, we still had to wait all this time for a government to decide to do it. There are many other obstacles that still impede women who do want to work, and who need to work, from actually doing so. The measures announced with regard to childcare facilities are good, but there are not nearly enough childcare facilities around.

The issue regarding venture capital funds and other facilities for start-ups underlines the repeated failure to set up similar aids for new businesses and also, perhaps, an attitude by the main banks that is nowhere near small business-friendly as it should be. The issue, year after year, seems to impale itself on the horns of the dilemma: should the government set up such a venture if the banks shy away from it?

In the coming months, a wise government will not sit back in self-congratulatory mood, but will tackle each sector and eliminate any bottlenecks that may be hampering further growth. During the summer months, the country as a whole had spoken at length on the problems affecting the tourism sector and, while being attentive to all that is said will be done, including the Budget Speech, in this regard, one still has to wait and see if the arrival of low cost airlines will do the trick.

Similarly, one must tackle every sector and, in conjunction with its operators, try to identify problems well before they start to fester.

This country has a really resilient economy and a people that is all for growth – hard working, diligent, capable. It can foster for itself and for its children an even better rate of growth.