Treasurer Peter Costello has now given Australians a little taste of the gravy to be dispensed by the Government between now and election day. In announcing that the budget surplus for the last financial year was $3.7 billion higher than predicted in the budget back in May he promised some spending to come down the track on medical miracles and tertiary education.

Not too much spending and not too quickly mind you because there is one problem about vote buying this year. An independent Reserve Bank makes timing everything.

The last thing Mr Costello and his team need now is another rise in interest rates before people caste their votes. Electoral bribes must be planned so that does not happen.

Which is what makes Saturday 3 November the likely election date. That will allow the real spending initiatives to be announced by Prime Minister John Howard after the Reserve Bank Board meets on 2 October – giving a full month for advertising them during which there is no fear of interest rate retribution.

There unfortunately will be a potentially embarrassing consumer price index number released during the campaign period but nothing in campaigning is perfect when you have to come from behind.

Mr Costello will be under no illusions as to what Mr Howard will be offering the voters. He frankly told the Prime Minister’s biographers how his boss ordered everything on the menu during the run up to the victory of 2004. This time the PM might even add a few extras of his own.

After all, he has not been doing badly so far as a glance at the grass roots gravy train on our the Crikey election website shows. The list of promises is growing rapidly. And there will be another $3 or $4 billion to play with by October when the Treasurer revises the estimates for the current financial year surplus.

Mr Howard knows full well that he should spend it while he can. There’s no scope for former Prime Ministers to promise anything.