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Treasurer Josh Frydenberg handed down his second "pandemic budget" for 2021-2022 amidst a backdrop of continuing uncertainty. Acknowledging that the virus is a continuing threat to lives and livelihoods, this budget is again framed to prioritise jobs and investment.\n\nView presentation slides: https://nucleuswealth.com/wp-content/uploads/2021/05/australianbudget.pdf\n\nAs well as stimulus measures, the focus has been on structural reforms across many of the government portfolios. Skills, infrastructure, deregulation, and digital transformation are all featured, together with a continued emphasis on services.\n\nThe current and projected hit to immigration, one of Australia's favourite growth levers, has seen our per capita income look remarkable as the labour market tightens and more jobs are serviced by local unemployment.\n\nIf there was one main takeaway, it is that budget deficits are here to stay. As we will cover more in the show, our historical habit of big budget deficits will continue, taking advantage of the extraordinary low interest rate environment we find ourselves in.\n\nBut where is the money going to come from? In normal times, central banks want to keep their independence from spendthrift governments, to fortify their inflation-fighting credibility. For now the RBA appears to be in lockstep with Canberra in keeping their foot flat on the expansionary pedal.\n\nWe take some time today to assess and summarise our take on the budget, and consider if we stand at a post pandemic turning point, or run the risk of falling back into the poor policies of the past.\n\nIn this week's investment podcast, Nucleus Wealth's Chief Economist Leith van Onselen, Head of Investments Damien Klassen, and Head of Advice Tim Fuller investigate if 10 years of Australian budget defecits actually matter\n\nOn the agenda today:\nKey budget parameters\nDoes a decade of budget deficits matter?\nBack to a 'Big Australia'.\n\nTo listen in podcast form click here: https://nucleuswealth.com/podcasts/?utm_source=youtube&utm_medium=direct&utm_campaign=podcast\nGet an obligation-free portfolio recommendation to see how we would invest for you: https://portal.nucleuswealth.com/register/?utm_source=youtube&utm_medium=direct&utm_campaign=podcast\nLearn more about the hosts: https://nucleuswealth.com/people/?utm_source=youtube&utm_medium=direct&utm_campaign=podcast\n\nFind us on social media:\nhttps://www.facebook.com/NucleusWealth/\nhttps://twitter.com/NucleusWealth\nhttps://linkedin.com/company/nucleuswealth\n\n\nNucleus Wealth is an Australian Investment and Wealth Manager providing premium wealth services to all Australians. We're here to help you achieve financial peace of mind. To find out more head to <a href="https://nucleuswealth.com/?utm_source=youtube&utm_medium=direct&utm_campaign=podcast."...