The 2022-23 budget is one of the most shameless election year budgets in memory.
With the opportunity to use windfall gains in revenue to begin the fix of structural issues in the economy dealing with the low paid and essential services, the government instead has thrown money at voters in the hopes of re-election.
The Centre’s Fiscal Director, Greg Jericho, goes through the budget numbers and finds that despite predictions of once again strong wage growth, the underlying assumptions are overly optimistic and would even still leave workers worse off than they were in the middle of 2019 until 2025.
The budget forecasts are for strong growth now, while the money is being pumped out, but once that ends we find yourself back with the same middling growth we had prior to the pandemic.
Between the Lines Newsletter
The biggest stories and the best analysis from the team at the Australia Institute, delivered to your inbox every fortnight.
You might also like
Corporate Profits Must Take Hit to Save Workers
Historically high corporate profits must take a hit if workers are to claw back real wage losses from the inflationary crisis, according to new research from the Australia Institute’s Centre for Future Work.
“Right to Disconnect” Essential as Devices Intrude Into Workers’ Lives
Australia’s Parliament is set to pass a new set of reforms to the Fair Work Act and other labour laws, that would enshrine certain protections for workers against being contacted or ordered to perform work outside of normal working hours. This “Right to Disconnect” is an important step in limiting the steady encroachment of work
New laws for ‘employee-like’ gig workers are good but far from perfect
The Workplace Relations Minister Tony Burke has described proposed new laws to regulate digital platform work as building a ramp with employees at the top, independent contractors at the bottom, and gig platform workers halfway up. The new laws will allow the Fair Work Commission to set minimum standards for ‘employee-like workers’ on digital platforms.