This Capital Ideas event explored the causes of repeated budget projection errors. Describing how these are affecting policy choices and asking whether anything fundamental has changed that might require a rethink of how budgets are prepared. It also explored the institutional barriers to better outcomes, and the opportunities for reform. Katharine Murphy, political editor at the Guardian, and 15-year veteran of the Canberra press gallery, discussed the issues with John Daley, CEO of the Grattan Institute, presenting new research from Grattan Institute’s work on budget policy.