(Image: AAP/Dave Hunt)

The government has brought down its extraordinary economic and fiscal update, a giant turning point in the history of Australia. 

The cost of the excellent JobKeeper and JobSeeker policies are known. The dizzying heights to which the unemployment rate will rise is forecast: a shocking 9.25%. The record debt and deficits are there in black and white: $677 billion in net debt this year, and rising.

Yet somehow this one-of-a-kind document has transported Australian politics to familiar territory. We are out of the bright glare of the pandemic and back in the groove: the Coalition wants to cut taxes to makes the economy grow faster.