Deficits and sugar hits: The economic balancing act of the 2025 budget
The government wasn’t expected to deliver a budget on 25 March. Now, voters will see whether its “protein, not carbs” approach has paid off.
Last year, Jim Chalmers promised to put Australia on a keto diet — his 2024 Budget, he said, was all about “protein, not carbs".
He pitched the Albanese government as responsible economic managers, focused on long-term gains and steering clear of inflationary spending. And he had a second surplus to boast about.
The messaging was clear.
Economists initially believed this would be the last budget delivered by the Albanese government before an election, designed with a slimmed-down fiscal outlook rather than as a pre-election cash splash. That has not borne out.
With the expected election date now pushed back in the wake of Cyclone Alfred, the Treasurer faces his most critical economic weigh-in yet on 25 March.
