Daily Bulletin

  • Written by Michelle Grattan, Professorial Fellow, University of Canberra

This week’s update shows an improvement on the numbers in the budget that was delivered only 10 weeks ago. The prospects for growth and employment have been revised upwards. While the forecast for the deficit remains massive, at nearly $200 billion, it has been revised down.

Read more: So far so good: MYEFO budget update shows recovery gathering pace

But even as we return to some sort of normality, it will be many years before the economy resembles its pre-COVID self. And the Parliamentary Budget Office predicts the federal budget won’t leave its deficit behind in this decade.

Treasurer Josh Frydenberg joins the podcast to discuss Thursday’s budget update and the economy’s future.

Frydenberg acknowledges the road back will be tough, for the economy and the budget.

Given the “huge economic shock” of COVID, the “unprecedented spending” will leave us in the red for a long time. “There will be a very challenging fiscal environment for years out of this crisis.”

The economic future looks vastly better than in the hairy initial days of the COVID crisis.

“Very early on it was uncertain, and many of us feared the worst.”

“Treasury told me early on in the pandemic that the unemployment rate could reach 10%, and, but for Jobkeeper, reach 15%. That’s a very different world to the one that you and I face today.”

“Programmes like JobKeeper, the cash flow boost, the JobSeeker Coronavirus Supplement, the $750 payments, now $250 payments to pensioners and to carers and others on income support have very much helped pull Australia through this challenging time.

"Australians go into Christmas with real cause for optimism and hope.”

Listen on Apple Podcasts Politics with Michelle Grattan: Treasurer Josh Frydenberg on promising budget figures

Stitcher Listen on TuneIn

Listen on RadioPublic Politics with Michelle Grattan: Treasurer Josh Frydenberg on promising budget figures

A List of Ways to Die, Lee Rosevere, from Free Music Archive.

Authors: Michelle Grattan, Professorial Fellow, University of Canberra

Read more https://theconversation.com/politics-with-michelle-grattan-treasurer-josh-frydenberg-on-promising-budget-figures-152243

Business News

A Guide to Finance Automation Software

When running a business, it is critical to streamline certain processes to maintain efficiency. Too much to spent manually on tasks can wind up being detrimental to the overall health of the organis...

Daily Bulletin - avatar Daily Bulletin

Top Tips for Cost-effective Storefront Signage

The retail industry is highly competitive and if you are in the process of setting up a retail store, you have come to the right place, as we offer a few tips to help you create a stunning storefront...

Daily Bulletin - avatar Daily Bulletin

How Freight Forwarding Simplifies Global Trade Operations

Global trade operations are becoming increasingly complex due to international regulations, customs procedures, and the sheer scale of global logistics. For businesses looking to expand internation...

Daily Bulletin - avatar Daily Bulletin