Politics with Michelle Grattan
News:Politics
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.
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."
But 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."
Politics with Michelle Grattan: Former climate minister Greg Combet on Australia’s mission to reach net-zero
Politics with Michelle Grattan: Economist Chris Richardson on a likely interest rate rise and the fall in living standards
Politics with Michelle Grattan: Don Farrell’s high noon for European free trade deal, and hopes for lobster exports to China
Politics with Michelle Grattan: Kim Beazley on Albanese’s US trip, Biden in the Middle East, and the Voice’s defeat
Politics with Michelle Grattan: Middle East expert Ian Parmeter on the Israeli/Palestinian conflict
Politics with Michelle Grattan: Greens Jordon Steele-John on the disability royal commission and Bill Shorten’s NDIS reforms
Politics with Michelle Grattan: Treasurer Jim Chalmers on jobs and work
Word from The Hill: Assessing Daniel Andrews, the extraordinary Pezzullo story, senators give Qantas chiefs a hard time
Politics with Michelle Grattan: ANU Vice-Chancellor Brian Schmidt on the challenges universities face
Politics with Michelle Grattan: Asia expert Richard McGregor on Anthony Albanese’s coming visit to China
Word from The Hill: Danielle Wood to head Productivity Commission, Alan Joyce bows to public anger, PM jets off again
Politics with Michelle Grattan: Battle of The Voice - Yes23 campaign director Dean Parkin and former deputy prime minister John Anderson
Word from The Hill: Date for Voice referendum to be announced on Wednesday
Politics with Michelle Grattan: Labor president Wayne Swan on the party’s coming national conference
Word from The Hill: Double dissolution hot air, PM dodging Treaty question, Morrison hit with counter punch after Robodebt speech
Politics with Michelle Grattan: ‘yes’ campaigner Thomas Mayo and ‘no’ advocate Derryn Hinch on the Voice
Politics with Michelle Grattan: ACCI Head Andrew McKellar on industrial relations and boosting Australia’s productivity
Politics with Michelle Grattan: Battle of the Voice – Greens senator Dorinda Cox & Liberal senator Kerrynne Liddle
Word from The Hill: On ditching the Commonwealth Games, the Voice pamphlet, Labor’s factions
Politics with Michelle Grattan: Treasurer Jim Chalmers on Michele Bullock’s appointment as Reserve Bank Governor
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