Assistant Governor of the Australian Reserve Bank Luci Ellis (Image: AAP/Lukas Coch)

When should budget repair start? Australia’s treasurer reckons we should go back to our national pastime -- worrying about deficits -- when the unemployment rate hits 6%. 

There’s only one problem with that. The budget documents say unemployment won’t be low enough to generate wages growth and inflation until it is down to 5%. That gap matters.

Here’s how the fiscal strategy is described: