Will the budget be a requiem for economic responsibility?
If Josh Frydenberg eschews more pump-priming and makes tough fiscal choices to help drive investment and productivity, Tuesday night could be the Treasurerâs finest hour.
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The federal budget on Tuesday night will be a requiem to the one-time robustness of Australiaâs medium-term macroeconomic frameworks, both fiscal and monetary.
It is sobering to think that just 18 months ago Treasurer Josh Frydenberg was on the brink of delivering a budget surplus. Reserve Bank of Australia governor Philip Lowe had ruled out using unorthodox monetary policy. Câest la vie.