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Josh Frydenberg’s budget is an extraordinary turnaround – but leaves a $40 billion problem

  • Written by Richard Holden, Professor of Economics, UNSW Sydney

It’s often said in business circles that good companies manage their balance sheet, and bad companies manage their P&L (profit and loss account). That same aphorism applies to governments.

And by that standard, Josh Frydenberg’s fourth budget is a triumph. Net debt is forecast to peak at 33.1% of GDP in 2024-25, compared to 40.9% in...

Read more: Josh Frydenberg’s budget is an extraordinary turnaround – but leaves a $40 billion problem

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