A Triple ‘F’ Federal Budget

Published on May 14, 2024

Commentary Listening to the treasurer’s budget speech, I thought that maybe this is the way modern Australia is—fat, flaccid, and foolish—and I just have to accept it. Fat? Well, treasury coffers have been swollen by terms of trade which are possibly the best in a hundred years, possibly even since the gold rushes that made “marvellous” Melbourne, briefly, the richest city in the world. And we seem content as a nation to live off it. This graph shows how our mineral wealth has given us a period of extraordinary wealth. It started in 2004, but it rose another notch just after COVID....

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