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Economist Chris Richardson has penned an article in The AFR explaining how Treasurer Jim Chalmers may “pull a rabbit from the budget hat” thanks to soaring commodity prices. However, this is coming at the expense of workers, whose real incomes are getting smashed:
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…
Australia’s nominal gross domestic product is on course to reach $2.5 trillion this financial year. That’s $200 billion more than Treasury forecast less than six months ago…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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