Every taxpayer is getting a new tax cut in a pre-election pitch from Labor revealed in the federal budget. It’s not much extra, starting at just a few hundred dollars extra over the whole year in 2026-27 for a worker on average earnings. At the same time, the budget’s back in red, with a decade of deficits forecast. So, how is Labor managing the economy?Today, chief business correspondent Ian Verrender joins Sam Hawley in the budget ‘lock up’ where reporters and experts get early access to the government’s economic plan.Featured: Ian Verrender, ABC Chief Business Correspondent

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“What did the council decide on item 42?” — answered with the speaker and the moment.