On Thursday the Federal Government released its mid-year economic and fiscal outlook, which, as the name suggests updates the economic and fiscal outlook since the last budget.

While the budget is forecast to stay in deficit at least until the end of this decade, there are promising signs on the horizon with further wage growth and declining unemployment rates.

But all predictions rely on Covid-led lockdowns being behind us, and as the two largest states struggle through an outbreak of the new Omicron strain, fears around the continued success of the rebound grow.

Today on Please Explain, chief political correspondent David Crowe, who described the MYEFO as a ‘hot mess’ budget joins Nathanael Cooper to explain what he means.