Unconstrained by an ideological need to balance the budget of the cycle, the Morrison Government has unleashed the Godzilla of all budget deficits, with FY2021 forecast to exceed $210 billion (11% of GDP). The blowout is a combination of a fall in government receipts (~$60 billion), the forward dating of tax cuts, and a dramatic increase in the level of government spending (~$166 billion), the bulk of which is going to the $102 billion JobKeeper program. The result is a Budget that has something for just about everyone, with almost no one losing out.