Terrified by the prospect of further stoking the worst inflation in three decades, Treasurer Jim Chalmers and Finance Minister Katy Gallagher have delivered a budget that takes out of the economy about as much as it pumps into it.
In the March 2022-23 budget, delivered ahead of the May election, the Coalition gave away most of the extra A$40 billion that was to flow from higher commodity prices and an improved economy in new programs and tax cuts. But this budget has hung on to the bulk of what’s turned out to be an extra $52.5 billion.
