‘VERTICAL FISCAL IMBALANCE’

What on earth does it mean?

Nobody seems to know and, if they do, they’re doing a pretty lacklustre job of explaining it to the average punter.

Prime Minister Malcolm Turnbull brought the phrase into the spotlight this week when discussing state income taxes.

3AW Mornings host Neil Mitchell said it was ‘waffle and gobbledygook’ and showed the Prime Minister was battling.

‘The Prime Minister ? the great communicator – he’s struggling,’ Neil Mitchell said.

‘He’s struggling badly.

‘He’s confusing, he is contradictory.’

Click PLAY below to hear Malcolm Turnbull’s comments and Neil’s take

Neil Mitchell asked Victorian Treasurer Tim Pallas what ‘vertical fiscal imbalance’ meant.

He tried, with several ‘umms’ and ‘ahhs’.

‘The federal government is guilty of it,’ Mr Pallas quipped.

Click PLAY below to hear Tim Pallas try and explain the term

3AW Mornings caller Ben struck a chord with many other listeners when asked what he thought it meant.

‘It means I’m getting screwed,’ he said.

Click PLAY below to hear Ben’s call to Neil Mitchell