Analysis: The five black holes in the federal budget | swrighteconomy
Jim Chalmers and Katy Gallagher have inherited the fiscal cost of Australia’s fight to stave off the COVID pandemic.
Treasurer Jim Chalmers and Finance Minister Katy Gallagher will deliver the new 2022-23 budget next month. They have identified five areas of spending that will put pressure on the budget bottom line.These five areas are among the most politically contentious in the budget, affecting millions of voters.
In March, then-treasurer Josh Frydenberg forecast a $78 billion deficit this financial year after a $79.8 billion shortfall in 2021-22. And the deficit reduction is being driven by unusually high prices for a handful of key commodities. As previous treasurers have discovered, commodity prices can go both upReserve Bank governor Philip Lowe this month noted that it was more than strange that Australia, benefiting from record low unemployment and the highest ever prices for key commodities, was still recording substantial deficits.In the March budget, the national interest bill was supposed to reach $17.
That’s just the interest equation facing Chalmers and Gallagher. The issues touched upon by Philip Lowe in his speech - that taxpayers want an increasing number of high-quality services - is another.Every budget comes with a set of promotional booklets known by budget-watchers as “glossies”.
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