Darrin Sky News 5 April 2026

Transcript and Video

Full video – https://www.linkedin.com/feed/update/urn:li:activity:7457283005016055808

[Kieran Gilbert, Host]

Live to our regular panel now, Darren Barnett, he’s a former Labour advisor now with Watson Advisory and Liberal Party Federal Vice President Fiona Scott. You’ve both seen many budgets before. Darren, first to you, this snapshot in Victoria that we just gave there, I think it’s timely in the sense that next week there are those questions of debt, but government spending, which are very much front and centre.

Maybe not for the overall number, but really that inflation question, which is putting a lot of pressure on interest rates right now, Darren. Absolutely, Kieran.

[Darrin Barnett, Partner Watson Advisory]

I think people are going to pay attention to this budget probably more so than most in recent memory. And I was even having a chat to Chris Kenny just before I came on air. Everyone here, even at Sky and Sydney and other journos, everyone’s excited.

There’s going to be some new material and some interesting bits to digest. And there’s obviously on the table there’s some tax changes around the capital gains tax discount, negative gearing changes to trusts. There’ll probably be some bits and pieces about NDIS.

It’s going to be something where people are not going to be bored as a result. Obviously, there’s an interest rate decision before then. So there’s a lot to consider.

And I think the pressure is on the government to try and balance the books. Obviously, spending is a consideration for anyone looking at the budget. So the pressure is on and it’s time for the government to deliver.

[Kieran Gilbert, Host]

Yes, indeed, Fiona. And Jim Chalmers says he will deliver, calling it his most ambitious budget yet. Let’s see.

Normally, it’s others that raise expectations, not the protagonist, but he’s the one who’s been raising the expectations, Fiona.

[Fiona Scott, Federal Liberal President]

Yeah, well, it better be his best budget yet. I mean, 2.30 this afternoon, every economist is predicting a rate rise. They’re talking about more downstream.

I mean, Jim Chalmers so far has been living all the economic tools to the reserve bank and using monetary policy to get inflation under control is, you know, the ultimate game of whack-a-mole. And unfortunately, the whack-a-mole is the Australian public. I mean, if his tax breaks a $300 bonus that’s not, you know, not means tested, I mean, come on, Jim.

I mean, people are going broke. The indicators saying that our economy is about to be hit with unemployment and all of these sorts of things. I mean, our economy was going into this Iran challenge in a weakened place with inflation not under control.

And of course, he’s going to blame the Liberals. Sure, that’s going to be his thing. He’s going to forget that maybe COVID happened.

Like, let’s forget about that. But we need to see fiscal policy actually step up and do some heavy lifting. Now, if Jim Chalmers is talking a big game and saying that he is going to pull those fiscal levers, he is going to get things like the NDIS under control.

That’s not disadvantaging people who are using it, but get the corruption out of the system. There is a lot Jim Chalmers needs to do in his budget. And, you know, we’re into that scheme now where everything’s going to be leaked before the day and looking like he’s starting to move in the right direction.

But, you know, the Australian public is hurting Kieran. They need real action. They need real results.

And Jim Chalmers better come up with the goods on Tuesday night.

[Kieran Gilbert, Host]

Yeah, a lot of pressure on him, Darren. Now, it’s a big week, the Farrah by-election this Saturday. What are you expecting, Darren?

[Darrin Barnett, Partner Watson Advisory]

Well, I thought before the campaign started, it was probably, it was hard to pick who was going to win out of the independent Michelle Milthorpe and One Nation. But certainly betting markets and word on the ground seems to be that One Nation looks like they’re set for a fairly comfortable victory. So that’s going to completely change the flavour of the lower house.

There’ll be a lot of added attention, media attention, question time attention, all sorts of things on a new MP. Obviously, Barnaby Joyce has switched sides. But it’s the first time in a long time that we’ve seen someone, you know, One Nation rep elected to the lower house in their own right, rather than changing sides.

So it’s going to be fascinating to watch. And it will add to their momentum that has been building really, since the most recent federal election. So look, I reckon One Nation will probably win.

And I think that changes the flavour of a lot of things, particularly as we start, we’ve only got three year terms. And we’re already starting to think about the next federal poll. And who’s in a better position out of One Nation and the Coalition.

[Kieran Gilbert, Host]

Fiona, Garth Hamilton, the Liberal MP said to me this week that maybe it’s good that One Nation wins it. I mean, tongue in cheek, obviously, he wants the Liberal to win. But then to expose the quality or lack of quality from the One Nation candidates so that it becomes a circus story.

Again, I wonder if One Nation would repeat history with that. That’s the question.

[Fiona Scott, Federal Liberal President]

Yeah, look, I don’t think we should be going in, pretty baking in ideas as to where things happen. But I mean, I think the positive for the Australian public and what the Labour Party need to look at out of this is if One Nation does come out successful candidate, then the continual march to the left has kind of been curbed. And the actual public has moved to even a further, you know, conservative, and I wouldn’t even say conservative, more nationalistic position than even the Liberal and National Party.

And so Labour needs to start thinking back to my comments about the budget before Australian public is hurting. Just pushing up interest rates doesn’t help people in the bush. I heard a story today from my actual paid work of how much young apprentices in the bush are struggling right now that apprentices will go to work and say, I’m eating light today, which means they’re going to have a massive can of monster and maybe two minute noodles.

And that’s it. So they can put petrol in their cars. I mean, we need tradespeople, we need apprentices, we need all of these sorts of things.

And if this is a backlash, it’s a backlash from Australians who have had enough. And hopefully, it helps to, you know, sharpen the Prime Minister and also sharpen Jim Chalmers on Tuesday night, that they can’t really ignore this voice. They can’t sit there and say, well, Pauline Hanson’s a nutter or she’s crazy.

She’s not. Because you know what, she actually represents the voting public that are now moving towards her. And if they don’t actually curb their actions, there’ll be more of Pauline Hanson.

[Kieran Gilbert, Host]

Got to be careful. You got to be very, very careful indeed. Vee, Darren, great to see you both.

Catch you next week. That’s all for Newsday. Thank you for your company.