Reform or handout? Federal Government faces tough choices ahead of the budget

The global economic fallout from the Middle East war is still emerging, but things are not looking good. It's a conundrum for the Federal Government, who is trying to navigate the economic storm ahead of the May budget. Independent economist Chris Richardson joins Melissa Clarke for this week's On Background.

0:00 Welcome
0:44 Chris Richardson
1:00 How big is this economic crisis?
4.00 How high could inflation go?
5:13 Consumer sentiment is down.
6:30 'The petrol price is the equivalent of three rate rises.'
10:20 Chris Richardson says there'll be a fascinating tug-of-war in Canberra' in the lead up to the budget.
12:30 Who pays? Business, Government or families?
15:15 "Never waste a good crisis": Chris Richardson says the Treasurer is right to be thinking about reform.
18:30 "We have had a long period of drift."
18:49 Goodbye

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