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Rarely does a treasurer talk down good news, unless trying to prepare us for worse news to follow.
Jim Chalmers got out ahead of good news on Tuesday by saying that when the final budget numbers for 2021-22 are out next week they will show the deficit almost $50 billion lower than forecast (which might mean $32 billion instead of the expected $79.8 billion) but that it doesn’t mean he is free to spend.
His October 25 budget will be a “bread and butter” affair without much generosity.
The government took in $20 billion more tax than expected in the year to June due to high commodity prices, which have since dropped back.
It spent $20 billion less than expected because of delays in vaccine procurement and other spending, which will eventually be made up.
And he needs to make room for big spending on aged care, disability care and childcare down the track. Michelle Grattan reports this morning on an inquiry into the cost of childcare to start in early 2023.
What treasurers rarely mention is a big source of revenue under threat. The government makes as much as $10 billion per year from printing money. It costs as little as 32 cents to print a $100 note. But as I outline in an examination of Australia’s money-making machine the costs are rising. The government is now losing money on every five cent coin (and probably every 20 cent coin) and its finding them harder to shift.
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Peter Martin
Business + Economy Editor
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Peter Martin, Crawford School of Public Policy, Australian National University
It costs just 20 cents to make a $2 coin, and 32 cents to make a $100 note, but eventually the money making is going to stop.
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Michelle Grattan, University of Canberra
Jim Chalmers on Tuesday announced the budget outcome for the financial year just ended will be nearly $50 billion better than anticipated at the time former treasurer Josh Frydenberg’s delivered his budget in March.
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Katy Bell, University of Sydney; Paul Glasziou, Bond University
There have been calls for Australia to follow the US and lower the age for screening, from the current starting age of 50. So should we follow suit?
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Nicky Morrison, Western Sydney University; Awais Piracha, Western Sydney University
Growing fresh produce on the outskirts of a city reduces food miles and increases food security. But the foodbowls next to our our big cities are fast losing their land to urban growth.
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Tracey-Ann Palmer, University of Technology Sydney
A new survey finds science classes are frequently being taught by non-science teachers.
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Oscar Davis, Bond University
The great lesson of the ancient philosopher Socrates is that philosophical contemplation itself prepares us for the good life.
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Katharine Kemp, UNSW Sydney
The terms of the Australian Privacy Principle 3.6 are quite clear. So why is there not a single published case of this law being enforced?
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Julie Shiels, RMIT University
Waanyi woman Judy Watson and second-generation Anglo immigrant Helen Johnson both use archival materials to explore Australia’s violent history.
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Rebekah Graham, University of Waikato
Food insecurity is often talked about as an issue of individual responsibility. But our research suggests most people struggling to put food on the table are not the agents of their own misfortune.
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Politics + Society
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Michelle Grattan, University of Canberra
In this podcast, Michelle & Amanda Dunn discuss the $50b windfall improvement announced by Jim Chalmers, legislation for a national integrity commission, and the challenges facing a republic
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Adrian Beaumont, The Conversation
While there is some tapering off of support for the Albanese government since the 2022 election, it is still comfortably ahead of the Coalition.
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Robyn Newitt, Western Sydney University
Until authorities acknowledge systemic racism and are held responsible for it, Aboriginal people will never see equity or just outcomes.
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Health + Medicine
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Jennifer King, University of Sydney
We need to ensure women have access to safe, effective procedures to treat incontinence and prolapse – including those using mesh.
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Science + Technology
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Doug Drury, CQUniversity Australia
Is it true our phones are dangerous for aircraft navigation? An expert explains.
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Environment + Energy
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Lily O'Neill, The University of Melbourne; Ben Neville, The University of Melbourne
It’s great news Origin is walking away from fracking and gas. But other companies are still keen to frack the Beetaloo despite climate and environment concerns.
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Patrice Pottier, UNSW Sydney
In a warming world, a species’ ability to acclimatise to temperatures is crucial. But young ectotherms can struggle to handle the heat.
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Books + Ideas
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Paul Crosby, Macquarie University; David Throsby, Macquarie University; Jan Zwar, Macquarie University
The contribution of the book industry to the national economy is substantial, but its importance goes beyond its monetary value.
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