The 2020 Budget And The Morrison Recession

New Politics: Australian Politics

It's that time of the year when we look at the federal Budget (seasonally adjusted), and the Treasurer has announced a $213 billion deficit. We have no complaints: Governments need to spend money according to the circumstances and with a national government debt reaching $944 billion, the main benefit the Australian electorate will receive is an end to the maniacal debates about “debts and deficits” and “how ya gonna pay for it”. Don't believe the neoliberalist tripe: governments can always pay for the things they need to pay for, austerity will never resolve economic problems.
Anthony Albanese’s Budget Reply speech was regarded as “a line in the sand”, and a “make or break” moment by many in the media. Of course, a Leader of the Opposition is always going to be under pressure to perform, and this year is no different. His Budget Reply speech hit all the right points and focused on universal child care and early education and a streamlined national energy grid. But will it be enough to close down the background murmurings about his leadership?
The COVID Recession, or the Morrison Recession? We suggest all the economic data and evidence points to the Morrison Recession, and we're surprised it has taken Labor so long to start using this well-deserved moniker. It's the result of seven years of poor economic management by the Liberal–National Government; the coronavirus sealed the deal. There is absolutley no question about this, despite the media arguing the opposite.