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Modern monetary theorists aren’t concerned with budget repair. Joel Carrett/AAP

Explainer: what is modern monetary theory?

Modern monetary theory is gaining traction in a global economic environment that defies the efforts of policymakers to restore growth.
MYEFO leaves Treasurer Scott Morrison with the difficult task of managing Australia through a period of both sluggish GDP growth and a persistent budget deficit. Mick Tsikas/AAP

There are two big political problems buried in the latest budget update

Next year GDP will grow at the second-slowest rate in 16 years, according to MYEFO. This has big implications for unemployment and the deficit.
MYEFO is more positive about the 2016-17 budget bottom line than previous expectations. However, projections over the forward estimates have worsened. Lukas Coch/AAP

2016-17 MYEFO experts’ response: more of the same is not good enough

While MYEFO discussion focuses on the budget deficit, experts say it also serves as a stark reminder of the need for bigger policy ideas in Canberra.

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