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."
Lowy Institute’s Jonathan Pryke on APEC 2018
Andrew Giles on the growing issue of loneliness
Politics with Michelle Grattan: Anne Summers on #MeToo and women in politics
Satirist Jonathan Biggins on sending up the pollies
Barnaby Joyce on facing the drought and rural women
Peter Jennings on Morrison's Jerusalem move
The battle for Wentworth
Clare O'Neil on Labor’s listening tour for banking victims
Brendan O'Connor on Labor’s industrial relations agenda
View from the crossbench: Cathy McGowan and Rebekha Sharkie on the role of community candidates
Judith Troeth on the Liberal party’s woman problem and asylum seekers
Barnaby Joyce at his provocative best
Wayne Swan on Labor’s byelection victories and beyond
Katharine Murphy ‘On Disruption’
Tanya Plibersek on Labor’s taxing times
Frances Adamson on being secretary of the Department of Foreign Affairs
Attorney-General Christian Porter on a crowded agenda
Brotherhood of St Laurence’s Conny Lenneberg on Newstart, poverty and inequality
Michael McCormack on Barnaby's future, latte sippers and other matters
Anthony Albanese on Labor’s National Conference
Create your
podcast in
minutes
It is Free