In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver unpack the approaching federal budget against a backdrop of weak productivity and mounting geopolitical risk.

Shane outlines the Treasurer's three-pronged agenda – savings, productivity reforms, and tax changes – while warning that genuine reform could be derailed by populist, short‑term cost‑of‑living measures.

Tune in to hear:

• Why the tax mix needs to be reset to have a greater focus on GST and less on income.
• The importance of a long-term view versus short-term fixes to address cost of living pressures.
• Where the US–Iran conflict and Strait of Hormuz disruption stands.