Scott Morrison’s political history has become nearly a daily revised report, with the latest view being that he turned out less than impressive than he was when he looked like a better alternative to Bill Shorten.

However, few critics have spent too much time reassessing his Treasurer, Josh Frydenberg, who was surprisingly shown the door by his electorate in the great Teal revolution of 2022.

Josh was once hailed as a great national money manager and was instrumental in the JobKeeper program that arguably helped keep us out of another Great Depression. Given his successor Dr Jim Chalmers is now celebrating the first budget surplus in 15 years, the good doctor should send Josh a Christmas card this year for not leaving him a basket case of an economy.

The official number is only weeks away, but Treasury’s early calculations say that it will top $20 billion and has led Dr Jim to undertake cost-of-living handouts, which won’t be revealed until the next Budget, which is May 2024. By the way, this suggests these won’t come to anyone needing hip pocket help until after June 30 next year.

Dr Chalmers has been accused of being too soft on wage demands allowing his Government to contribute to inflation by rubber stamping too big wage rises, given inflation was over 7%. But playing Scrooge with his budget surplus is ‘Responsible Treasurer-ship 101’.

A treasurer must play hardball with finances and take on their colleagues for the sake of the national economic interest, even if those with too high interest repayments and energy bills are really feeling the pinch.

Being an unsympathetic bastard goes with the patch of being the country’s number one bean counter!

And this from Dr Jim shows he’s embracing his job with the heartless gusto you expect of a treasurer: “We’re not currently working on a new package of cost-of-living relief. We’re focused on rolling out billions of dollars in cost-of-living relief that we have already announced. But what a much better budget position allows for is it gives you the flexibility down the track in future budgets.”

But it won’t be just his own party asking for more help from this budget windfall, with the Greens wanting $2.5 billion for public housing, which isn’t a silly idea, given our property supply problem. They also want the JobSeeker rate increased.

Not surprisingly, economists don’t want the Treasurer to be generous with his new and improved surplus, arguing that if he spends it, it will add to demand and inflation, which will make the RBA raise interest rates.

While I cheer the good economic news of a $20 billion plus budget surplus, you really have to wonder who the nincompoops in Treasury are and what’s wrong with their understanding of the economy that they’re supposed to be experts on.

Why such a harsh assessment of my fellow economists in Treasury? Well, see what the SMH’s Rachel Clun reminds us of: “In May, Chalmers forecast a $4.2 billion surplus for 2022-23 – the first in 15 years – but since then, higher income tax receipts and increased company tax due to commodity price rises have helped deliver about $16 billion more in revenue than had been expected.”

If Treasury economists were given school reports, the comment from their teacher would be: “Must try harder.

”One final point, this big budget surplus could be a help if the economy gets knocked around by one million households migrating from low fixed rate home loans to high variable rate loans and a potential recession threatens.

A good inflation number tomorrow could help us worry less about a dramatic economic slowdown because that could stop the RBA and its excessive interest rate rises, that not only reduce inflation by squeezing demand but add to inflation by forcing those in debt to raise prices, wages and rents.

Also, if the Albanese Government gets generous in 2024, it means the economy will be on the improve and Australians will feel that Dr Jim has been helpful and more caring ahead of an election in 2025.

Our new hardnosed national money manager might be Scrooge-like and economically- responsible, but he’s still a politician.