Surging inflation, rising unemployment and a debt mountain that's becoming more expensive with each passing month: the first Labor budget in a decade is a bracing read. 
Seven months ago, the Treasurer Jim Chalmers'  predecessor was promising everyone would be a winner. 
So what changed? 
Today, the ABC's business editor, Ian Verrender, on the treacherous landscape ahead for Australian households. 
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Ian Verrender, ABC business editor