This week’s budget is a tale of Covid-induced devastation. Instead of being Back in the Black, there is a deficit of eye-watering proportions to last a decade and more, barring any additional shocks. The public debt ceiling is now $1.1 trillion, roughly half Australia’s GDP. PM Scott Morrison and Treasurer Josh Frydenberg are driving welcome and significant tax cuts to stimulate recovery, camouflaging FDR-style big infrastructure and wage subsidy spends.