Chalmers may be set to pull a rabbit from the budget hat
An export boom and soaring business revenues have delivered a bonus to the taxman. But real wages falling back to 2008 levels could be politically difficult, as the Morrison government found out.
Australia finally became a $2 trillion a year economy just before the pandemic hit, after a long and slow grind up from $1.5 trillion eight years earlier.
So it was something of a triumph – and a recognition that we’d dodged the worst of COVID-19 – when Treasury’s budget back in March forecast this financial year would see our economy earn a healthy $2.3 trillion.
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