In such uncertain times, the wisdom of continually printing fresh sets of economic forecasts every few months (it’s only been three months since the pre-election budget and only two months until the promised October budget) is unclear. Like throwing sand into the wind, such forecasts inevitably scatter and fall far short of where the dispatcher originally intended them to land.

This political theatre of releasing updated budget figures may be fun for politicians and journalists, but it’s the substance of economic reform plans that ultimately matter to voters.

The closest the treasurer came on that front was to declare that “we should be working to address problems on the supply side” of the economy. Increasing available supply in the economy is an alternative way to suck out demand when it comes to bringing down price pressures.

In his final minutes, the treasurer turned to his “economic plan” which, he said, “will do three things to lift the speed limit on the economy”.

Good stuff, let’s hear it.

“First, help Australians with the costs of living – by cutting childcare costs for approximately 1.26 million families, and reducing barriers for parents – overwhelmingly women – to work additional hours; and by cutting the cost of medicines on the PBS by up to $12.50 a script.”

Loading

Putting more money in the pockets of parents and pensioners could look alarmingly like boosting demand to some.

The second part of the plan is to “grow wages over time”, including by: “successfully arguing for a decent pay rise for the lowest paid; by supporting decent wages in the care economy; by training people for higher‑wage opportunities; by investing in industries which will deliver more secure, well‑paid jobs”.

Claiming credit for a decision by an independent wage umpire is not the strongest start and deciding to “pick winners” by investing in particular industries is a troubling bookend. Still, investments in skills should help expand the economy’s productive capacity.

Finally, Chalmers pledges to “unclog and untangle our supply chains”, including by “investing in cleaner, cheaper more reliable energy; by addressing skills and labour shortages; and with a National Reconstruction Fund to make us more self‑reliant”.

As the Productivity Commission’s latest five-year review – now due for imminent update – found in 2017, putting a clear price on carbon emissions would be the best thing to do to overcome uncertainty in energy markets, and it remains to be seen where Labor will land on that. An off-budget Reconstruction Fund sounds awfully like picking winners again. But again, skills will be an important focus of next month’s jobs and skills summit.

Loading

The commission’s “shifting the dial” report should be required reading ahead of that gathering. The last one recommended a host of measures to boost national productivity – the ultimate deliverer of real wages growth – including having the federal government lead states in tax reform to axe stamp duties, unclogging cities with road funding reforms, fixing the vocational education sector mess, reforming healthcare to make it “patient-centric” and improving the quality of teaching in universities.

Certainly, it is early days yet in the development of an Albanese government economic agenda. Perhaps a new treasurer can be forgiven some political throat-clearing as he gets comfortable in his new chair. But as outlines of reform agendas go, we must hope this is Chalmers’ warm-up act and not his climactic scene.

The Opinion newsletter is a weekly wrap of views that will challenge, champion and inform your own. Sign up here.