Like what you've read?

On Line Opinion is the only Australian site where you get all sides of the story. We don't
charge, but we need your support. Here�s how you can help.

  • Advertise

    We have a monthly audience of 70,000 and advertising packages from $200 a month.

  • Volunteer

    We always need commissioning editors and sub-editors.

  • Contribute

    Got something to say? Submit an essay.

 The National Forum   Donate   Your Account   On Line Opinion   Forum   Blogs   Polling   About   
On Line Opinion logo ON LINE OPINION - Australia's e-journal of social and political debate


On Line Opinion is a not-for-profit publication and relies on the generosity of its sponsors, editors and contributors. If you would like to help, contact us.


RSS 2.0

A triple F rating for this federal budget

By Graham Young - posted Thursday, 16 May 2024

Listening to the treasurer's budget speech, I thought that maybe this is the way modern Australia is - fat, flaccid, and foolish - and I just have to accept it.


Well, treasury coffers have been swollen by terms of trade which are possibly the best in a hundred years, possibly even since the gold rushes that made "marvellous" Melbourne, briefly, the richest city in the world.


And we seem content as a nation to live off it.

This graph shows how our mineral wealth has given us a period of extraordinary wealth. It started in 2004, but it rose another notch just after COVID.

You might call the last rise the "Ukraine dividend," because that war is what forced the price of internationally traded commodities like iron, coal, gas, and oil up to historically high levels and produced that flick in the tail of our terms of trade.

As a commodity economy, we have benefited, and the treasurer is spending the bounty provided by resource company tax receipts faster than we can grow the economy.

As a commodity economy, we should also know that these sorts of crises eventually go away, and with them the surplus cash.



Goodies for everyone

The treasurer's speech also read like a smorgasbord of goodies.

As he said, "everyone's a winner," or more accurately it "delivers for every Australian."

  1. Pages:
  2. Page 1
  3. 2
  4. 3
  5. 4
  6. All

This article was first published by the Epoch Times.

Discuss in our Forums

See what other readers are saying about this article!

Click here to read & post comments.

9 posts so far.

Share this:
reddit this reddit thisbookmark with Del.icio.usdigg thisseed newsvineSeed NewsvineStumbleUpon StumbleUponsubmit to propellerkwoff it

About the Author

Graham Young is chief editor and the publisher of On Line Opinion. He is executive director of the Australian Institute for Progress, an Australian think tank based in Brisbane, and the publisher of On Line Opinion.

Other articles by this Author

All articles by Graham Young

Creative Commons LicenseThis work is licensed under a Creative Commons License.

Photo of Graham Young
Article Tools
Comment 9 comments
Print Printable version
Subscribe Subscribe
Email Email a friend

About Us Search Discuss Feedback Legals Privacy