Mike speaks to Shane Wright, senior Economics correspondent for The Age and Sydney Morning Herald, about his article that looks at the $25 billion shortfall in the federal budget since 2019, caused by a collapse in tobacco excise.

The drop, despite significant tax increases, has sparked calls to reverse years of rising cigarette taxes to prevent more people from turning to the black market.

The 2023-24 budget shows tobacco excise revenue fell to $9.7 billion, a $5.6 billion shortfall from the original forecast.

Economist Chris Richardson suggests the balance between discouraging smoking and driving black market sales may be permanently disrupted.