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."
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Politics with Michelle Grattan: Industry minister Ed Husic on the artificial intelligence revolution
Politics with Michelle Grattan: Liberal MP Bridget Archer urges other moderates to speak up as she presses for party change
Politics with Michelle Grattan: Labor’s Julian Hill on employment, AI, Julian Assange and TikTok
Politics with Michelle Grattan: Greens Max Chandler-Mather on the housing fund, rent freezes and migration
The day after the night before - Chalmers and Taylor on the budget
Politics with Michelle Grattan: NDIA chair Kurt Fearnley on ‘fundamental’ reform of the disability scheme
Politics with Michelle Grattan: Labor MP Marion Scrymgour on her yes campaign trail, and reinstating the CDP
Politics with Michelle Grattan: Professor Marcia Langton on the Voice’s powers and potential
Politics with Michelle Grattan: Simon Birmingham on the Voice, Aston, the Liberals, Uranium
Politics with Michelle Grattan: Lambie urges return of former employment program for Indigenous communities
Politics with Michelle Grattan: Michael Brennan on Australia’s parlous productivity growth
Politics with Michelle Grattan: Antony Green, Professor Andy Marks and Ashleigh Raper on the NSW election
Politics with Michelle Grattan: Chair of Retirement Income Review, Mike Callaghan, on reforming superannuation
Politics with Michelle Grattan: Greens leader Adam Bandt on trying to force Labor’s hand on reform
Politics with Michelle Grattan: Frank Brennan on rewording Voice question
Politics with Michelle Grattan: Kate Chaney on life as a teal MP
Politics with Michelle Grattan: Senator Malarndirri McCarthy on Alice Springs and the Voice
Politics with Michelle Grattan: Treasurer Jim Chalmers answers critics of his ‘values-based capitalism’
Politics with Michelle Grattan: Albanese flags new progress in China relationship ’in coming weeks’
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