Crushed at the polls
Interesting 48 hours for the Coalition, having been crushed in the Victorian elections at the hands of Labor.
I haven't checked the final results, but voting was so one-sided it was effectively all over by 7pm.
Not too long now until the Federal election, and it all looks pretty gloomy for Prime Minister Morrison.
Some interesting news that quietly slipped out on Friday is that the government's financials are in enormously good nick when compared to the Budget profile.
The year-to-date cash balance showed a deficit nearly $9 billion ahead of the Budget profile (with the year-to-date deficit of $15 billion miles ahead of the $24 profile deficit).
Source: Commonwealth Government
This is mainly thanks to a sharp fall in unemployment and stronger commodity prices, leading to a tremendous surge in tax receipts, combined with lower payments.
The latest labour force figures revealed annual employment growth surging back up to 2½ per cent, or +308,100, with an unemployment rate at a six-year low of 5 per cent.
The Budget has been in deficit for more than a decade, but on these numbers a surplus might be withing striking distance as soon as next month when the mid-year Budget update is normally scheduled.
The electorate may not like them much - an understatement - but at least this is a strong result for the Coalition's management of the Budget.
