Labor’s long game: why trust and a little fear matter more than a balanced budget

Despite the lack of flair, the mini-budget is full of interesting titbits that give an indication of where the election will be fought. Photograph: Mike Bowers/The Guardian

It’s a staple of the political coverage of a mid-year economic update to flick to the “decisions taken but not yet announced” line item, declare it an election war chest, and suggest sweeteners are hidden within.

But as the treasurer, Jim Chalmers, noted on Wednesday, that number (which includes other commercial in confidence spending) is a “relatively small” $5.5bn.