The two ‘big numbers’ in last night’s federal budget

There were two “big numbers” in last night’s budget, according to a partner at national association of independent accounting and business advisory firms.

Partner at Pitcher Partners, Craig Whatman, says it “was definitely a big-spending budget”.

He says total spending is one of two “big numbers”.

“Spending of more than $628 billion, more than a third of which is on social security and welfare — in terms of the numbers highlights that’s one of them,” he told Ross and Russel.

The other big number? The national debt that’s been accumulated during the pandemic.

“Whichever side of politics is elected into government in May, they’re obviously going to face a significant challenge in terms of, first of all, servicing the trillion dollars of debt that’s been accumulated while at the same time trying to bring the budget back into surplus over time,” Mr Whatman said.

“That’s going to likely require them to relook at some of the significant structural reform issues that have been ignored over the last 20 years and one of the biggest of those is obviously tax reform.”

Press PLAY below to hear Mr Whatman’s analysis of the federal budget