Beyond surplus spin - economists wanted reform on GST, capital gains tax and negative gearing. All political toxic despite Labor's political capital on hand.

Treasurer Jim Chalmers is betting big spending on household assistance, welfare increases, bulk billing incentives and energy bill relief won't make inflation any worse.

At the same time, some economists worry the budget - while big on spin - is a missed opportunity for real "budget repair" and structural reform.

I speak to former Treasury official Stephen Anthony and Barrenjoey chief economist Jo Masters who wanted to see more courageous action.

Here's my analysis on The World Today