What is a federal budget trying to do? How does the government decide where to spend its money? And where did budget rituals such as “the lock-up” come from?
Australia’s booming economy means the national deficit this year will be $30 billion better than predicted just three months ago, according to budget economist Chris Richardson, but the positive outlook comes with a warning.
Scott Morrison insists he is not worried by the comprehensive election defeat the Liberals suffered in South Australia, but Labor says the Prime Minister was a drag on the outgoing state government.
Finance Minister Simon Birmingham says the federal budget will tread a careful line between supporting households with the rising cost of living, while not inflaming.