This year has been about companies and jobs. Will 2018 be about wages? | Greg Jericho

There's been a big increase in tax revenue, which should lead to a smaller than expected deficit - but so far it's coming from companies, not individuals

The year has ended well for the treasurer. The latest job numbers out this week show that employment growth remains strong and Monday's mid-year economic and fiscal outlook (Myefo) is likely to show a smaller deficit than was projected in the May budget. But amid that good news is a notable indicator of the problem that has cast a pall over all the economic news this year.

The Myefo is essentially the last major economic news for the year. There isn't any more big data to arrive from the ABS (which, like the rest of the public service, will shut down between Christmas and New Year). And even the Myefo is not expected to be altogether surprising. There have been reports about new cuts to university funding, but the big picture is mostly known, and it is mostly good news for the government.

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