Morrison slurps RBA/Treasury poison

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Yesterday Treasurer Morrison gave a speech at the Press Club that did a good job of framing his Government’s Budget:

We know that Australians are out there, every single day, transforming and transitioning our economy. They’re out there, as I have said, working hard, earning, paying taxes on what they’re earning. They’re saving for their future and they’re investing in the opportunities that are out there. These are the Australians that are the key to jobs and growth in this country. These are the Australians that are actually going to make the difference, for my children, our children, and future generations. It’s the people who are out there earning that we really have to focus on in terms of economic policy and how we pitch and frame our tax system, how we pitch and frame our programs, those who are making that difference.

Now, as we think about that challenge, I’ve got a few charts which I wanted to run through today. There are a number of things we have to do as we frame the Budget. First, our starting point is we have to have a very candid assessment of the global and domestic economic circumstances, the environment in which we’re seeking to frame this Budget. Our philosophy is that you can better target and control the things you can control in economic policy if you have a better understanding of the things that you can’t control. So, while we can’t control what’s happening globally at the moment, a good understanding of what’s happening can really help us frame what we can control in pulling together in the Budget.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.