Treasury officials produce an end-of-year budget and fiscal outlook called Myefo, or the mid-year economic and fiscal outlook. Sometimes, Myefo is effectively a mini-budget. But most often, it’s about housekeeping. Given the proximity to Christmas, Myefo can attract seasonal analogies in news coverage: the Grinches that Stole Christmas, or Spendathon Santa is Coming to Town. As the Albanese government tries to bank higher tax receipts and limit discretionary spending in an effort to curb inflation, while leaving open the option of producing a second surplus in next May’s budget – this year leans more Grinch than Santa.
