Overnight, Jim Chalmers delivered his pre-election budget, and not surprisingly, he “splashed the cash.” The government has committed to increasing net spending by over $24bn over the next four years; the Treasurer believes his budget will cut inflation by 0.5% next FY, but financial markets were not convinced. The deficit was forecast to be around $18bn in December; already, 6-months later, the figures jumped by a whopping +55%, while the forecasted 2025 deficit is more than double economists’ previous estimates – why bother!