☕ The budget's surprise surplus

It's Wednesday. Here's what you need to know today.

Happy Wednesday!

Here is today's riddle: What do you get when you lock up 300 journalists with no internet and thousands of budget papers?

Answer: Twitter becomes a lovely place.

Kidding. I have a real riddle for you. But for those of you who do want to catch up on what was in the Budget last night, you can view all our coverage here or listen to today’s podcast.

Now for today’s actual riddle: What five-letter English word can be pronounced the same even with four of its letters removed?

The answer is in the tidbit!

I've got 10 seconds

The quote
“A drover’s dog could deliver a surplus with the record revenue being served up to Labor as part of this Budget.” – Shadow Treasurer Angus Taylor in a statement about the Federal Budget being in surplus for the 2023-24 financial year.

The stat
$2.6 billion 
The cash profit for the March quarter reported by Commonwealth Bank on Tuesday. 

Today in history
1994: Nelson Mandela was sworn in as South Africa’s first Black president.

I've got 30 seconds

Some headlines from this morning:

  • A state funeral for Barry Humphries will be held in Sydney. Humphries, who was from Melbourne, died last month at the age of 89. Victorian Premier Daniel Andrews said on Tuesday that Humphries' family was "in the position where they've got multiple offers because [Humphries] was a national figure... They've chosen to go with Sydney."

  • The death toll from flooding in the Democratic Republic of Congo (DRC) has risen to 400 people, with thousands of other people displaced. The flooding began in the villages of Bushushu and Nyamukubi in the South Kivu province when torrential rain fell last Thursday. The latest death toll provided by the local governor is provisional as the search for missing residents continues.

I've got 1 minute

As mentioned above, the Federal Budget was delivered last night by Treasurer Jim Chalmers.

In his Budget speech, he said the Budget was trying to do two things: be financially “responsible” on one hand but support those “most in need” through the cost of living crisis on the other hand.

So what was actually in the Budget? Here’s a really quick overview.

Cost of living:

There were three main elements to the cost of living support: welfare, health and energy.

On the welfare front, the JobSeeker unemployment benefit went up by $40 a fortnight and rent support for welfare recipients by $31 a fortnight.

Eligibility for a single-parent support payment was expanded to 57,000 additional parents.

On health, GPs will get more financial encouragement from the Government to bulk bill low-income patients and children. They will also be able to prescribe medications two months at a time.

On energy, up to 110,000 loans will be made available for houses to upgrade their home energy efficiency.

Budget balancing act:

This year, the Budget got a financial ‘sugar hit’ because the Government collected more company and income tax than it had expected.

Over the longer term, though, the Government is still on track to keep spending more than it raises in tax.

The Budget revealed about $22 billion in new taxes over the next four years, including higher taxes on tobacco, gas projects and high super balances.

However, it also announced about $43 billion in new spending over the same period.

For more, see our feed here or listen to our podcast here.

I've got 2 minutes

Chief Commissioner of Victoria Police Shane Patton has apologised "formally and unreservedly" for the historic and ongoing harm police have caused First Nations people.

Patton delivered the apology at a hearing of the Yoorrook Justice Commission, a formal truth-telling process.

What is Yoorrook?
Yoorrook is an official inquiry into historical injustices experienced by First Nations people in Victoria since colonisation. As part of the process, Yoorrook has been holding hearings with government ministers and officials, including police.

The inquiry will conclude in 2025 and make recommendations for systemic change.

Chief Commissioner Patton delivered his apology yesterday as an opening statement at the beginning of his hearing.

The apology:
Patton appeared in his police uniform, which he acknowledged was a "symbol of fear" for many First Nations people.

"I know Victoria Police has caused harm in the past and unfortunately continues to do so in the present," Patton said.

"I am deeply and truly sorry for this impact... I formally and unreservedly apologise for police actions that have caused or contributed to the trauma experienced by so many Aboriginal families."

Patton specifically acknowledged the broad powers Victoria Police had for decades to remove First Nations children from their families and to control access to food rations.

"I cannot begin to imagine the profound distress that the forcible separation of children from their families caused and that continues to be felt...

"Frequent, intrusive and detrimental contact between police and Aboriginal communities, families and individuals has been a pattern for 170 years, the effects of which continue to be felt today."

Response:
Professor Eleanor Bourke, the Chair of the Yoorrook Justice Commission, acknowledged Patton's apology.

"It is important that your words are now on the public record," Professor Bourke said.

"Yoorrook has heard that our people continue to be targeted, attacked, harassed and racially profiled by police... our children have been born into over-policed communities...

"If actions do not follow your apology, then what hope will we have? Your apology must bring real change."

Give me some good news

For the first time ever, astronomers have been able to closely study an asteroid belt outside our solar system, using the James Webb Space Telescope. Asteroid belts are groups of millions of objects including rocks, dust, ice, and even really small planets, pulled into orbit by stars’ and planets’ gravitational pull.

Today's podcast

A message from our sponsor

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A TDA tidbit

A 48-year-old woman has survived five days in Victorian bushland by eating lollies and drinking a single bottle of wine.

Lillian Ip, who usually doesn’t drink (!!!), only had a bottle of wine in the car that she was planning to give as a present when she went the wrong way and her vehicle got stuck in the mud.

Police say she was found 60km from the nearest town and used “great common sense” to stay in her car.

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Riddle answer: Queue

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