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."
Centre Alliance’s Stirling Griff on Newstart
Megan Davis on a First Nations Voice in the Constitution
Minister Ken Wyatt on constitutional recognition for Indigenous Australians
Frank Brennan on Israel Folau and religious freedom
ACTU president Michele O'Neil on John Setka and the government’s anti-union legislation
Corrected version: Richard Eccleston on the electoral mood in Tasmania
Tim Colebatch on the battle in Victoria - and the Senate
William Bowe on the state of election play in WA
Andrew Hughes on political advertising - and Clive Palmer
Caroline Fisher on the spin machines of #AusVotes19
Jim Chalmers on Labor’s budget reaction
Peter Martin and Tim Colebatch on budget strategy and numbers
Jenny Macklin on inequality and Labor values
Ian McAllister on voters and issues in the coming election
Tony Abbott and Zali Steggall on Warringah votes
Kerryn Phelps on medical transfer numbers
Michael McCormack on banks and the bush, and the election battle
Politics with Michelle Grattan: Tanya Plibersek on a united Labor
Politics with Michelle Grattan: Anthony Albanese on Labor’s road ahead
Politics with Michelle Grattan: Josh Frydenberg on Liberal troubles
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