Michael and Marcus argue furiously over the merits and messages in the Albanese Govt budget versus Opposition leader Angus Taylor’s response. Only one of them is right….Then Marcus burrows deep into Parliament House to find a phone to talk numbers with the Defence Chief Finance Officer. Result: a $14 billion cash bump for Defence spending over the next 4 years turns into a $1.2 billion reduction, like magic. Michael recovers from the shock of being kicked off Air Force One on its way to Beijing to listen in as a returning Donald Trump finds two buses to throw Taiwan under in his quest for a growing market for American beans. The episode ends with a trot through global demographics and the disturbing raw numbers on naval shipbuilding out of China and America. One nation is building a big new blue water fleet. The other is holding its breath saying it wants to. Premium Economy back to the SAA bunker can’t land fast enough in this unravelling world.
Oz Budgets: the Unhappy meet the Disappointed. Big Defence numbers get small. And the cage fight in Beijing.
Written by
Marcus Hellyer and Michael Shoebridge
May 18, 2026
