josh-frydenberg-and-scott-morrison
Treasurer Josh Frydenberg and Prime Minister Scott Morrison (Image: AAP/Mick Tsikas)

While the prime minister offers another economic vision today to the press gallery in Canberra, there's a broader context for one of the themes of his speech (at least as reported ahead of delivery), that the economy has to be weaned “off the medication" of support “before it becomes too accustomed to it”.

Morrison might be referring to the government's stimulus and support packages to get us through the current pandemic crisis, but the economy has been on "medication", and much stronger, since 2008. Labor pumped around $190 billion of deficit spending into the economy between 2008 and 2013.

Since then, up until February -- and despite the Coalition's claim that it would produce a surplus in its first year and every year after that -- the current government has pumped around $170 billion into the economy. The dramatic increase in deficit spending this year and next will send that to over $300 billion.