It is deeply regretful that the budget and forward estimates don’t specifically recognise the ongoing scale and the fiscal impact of climate disasters.
The 2022-23 budget is the result of a good plan, well executed. But whichever party next takes government must close the deficit gap – without resorting to austerity.
Budgets on their own don’t solve structural issues. But they do provide some insight into government plans for addressing its broader developmental priorities.
There are plenty of winners and few direct losers in a budget that lays the groundwork for the next election - still more likely to be next year than this.
Looking graphically at actual and forecast GDP makes it clear why some speak of a ‘V-shaped recovery’. But even the fairly bullish assumptions reveal a recovery where the V isn’t really sharp enough.
Honorary Enterprise Professor, School of Population and Global Health, and Department of General Practice and Primary Care, The University of Melbourne