The budget is back on. For Jim Chalmers, the stakes have never been higher
The Treasurer now faces the prospect of revealing a string of deficits after two consecutive surpluses, as Labor prepares to fight for survival in the election.
In a light week for data, the focus for economy watchers this week will shift to politics with it now all but certain the government will hand down a full budget later this month.
Late on Friday, amid mounting concerns over the impact of Cyclone Alfred, Prime Minister Anthony Albanese ruled out going to the polls at the weekend and said the budget would proceed on March 25.
That means voters will now almost certainly go to the polls in May, and that voters (and economists and the media) will get a more detailed look at the nation's finances in a couple of weeks time, rather than the abridged Pre-election Economic Fiscal Outlook that was very much on the cards last week.
New numbers
The data: Total Value of Dwellings, December quarter 2024, Australian Bureau of Statistics
