Treasurer Jim Chalmers’ second budget has delivered a surplus and measures aimed at relieving the cost-of-living crunch for households.
Six of our experts – David Crowe, Shane Wright, Jacqueline Maley, Ross Gittins, Peter Hartcher and Matt Wade – break down the economic and political implications.
Analysis: This is a budget squarely aimed at helping with the cost of living and proving that Labor can manage the economy by putting downward pressure on inflation.
A bigger agenda to fix the budget is waiting for another day. A more lasting surplus is within reach. It is only a matter of time before Labor makes the decisions to achieve that goal.
Read David Crowe’s full analysis here.
Analysis: A lot has gone right to get Treasurer Jim Chalmers to the invitation point for the club of treasurers with a surplus.
If inflation and taxes keep going his way, he could be sitting down with Paul Keating and Peter Costello to share stories of the good old fiscal days.
Read Shane Wright’s full analysis here.
Analysis: The man from the Labor left, the man who loved to fight Tories, has been refashioned into a committed political paceman, a patient strategist.
New Albo is in this for the long haul, with a big agenda and grand plans.
Read Jacqueline Maley’s full analysis here.
Analysis: The best word for this budget is “complacent”. There’s nothing wrong with it; it’s keeping us from getting further into trouble. But it’s doing little to deal with the many troubles we already have: the transition to renewable energy, declining home ownership, the rental crisis, and problems with Medicare and education.
And that’s before you get to the budget. All those problems will take money to fix but, as Treasurer Jim Chalmers insists, there’s little to spare.
Read Ross Gittins’ full analysis here.
Analysis: With this budget, Labor is making a grab to take the Holy Grail of Australian politics away from the Liberal Party.
The Liberals’ most sacred treasure is its brand advantage as the party that better manages the nation’s finances. But today it is the Labor government of Anthony Albanese that is about to deliver a budget surplus.
Read Peter Hartcher’s full analysis here.
Analysis: While the budget’s cost-of-living relief is relatively constrained it still puts more money into the economy at a time of high inflation.
More cash in people’s pockets will in turn add to demand across the economy and potentially put upward pressure on prices – exactly what the Reserve Bank is trying to prevent with its recent spate of interest rate increases.
Read Matt Wade’s full analysis here.
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