Finally, the penny has dropped. Well, $12 billion actually. The BPS and companion HYEFU announced in December sign-posted a significant shift towards a more active government.

We’ve been braced for the onset of a recession for a while, but we’re not there yet. Good signs remain, although so do many bad and ugly ones.

Will the Wellbeing Budget be gazumped by a sombre economic outlook? The short-term outlook is uninviting as the global economy works to skirt potholes.