By Professor Fabrizio Carmignani, Griffith Business School
The Treasurer falls short of what Australia needs to sustain growth in the long-term. Moreover, in spite of a somewhat popular view that this was a “labour budget”, the artificial distinction between good and bad debt and several of the provisions around social welfare provide fertile grounds for Australia’s hidden disease, inequality, to blossom.
Overview
The macroeconomic environment faced by the government remains challenging, albeit moderately improving. At a global level, economic growth and trade are picking up. The outlook is however weakened by significant risks, including the emergence of new protectionist sentiments, uncertainties about the policy agenda of some major economies (e.g. the US), persistent fiscal imbalances in a number of advanced economies, and increasing financial and balance-sheet vulnerabilities in emerging countries.
Home front
Domestically, economic growth in the last 12 months has gone down to 1.75% from 2.6% in 2015-16. At the same time, the unemployment
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