Back to the Books and a Budget in the Balance: Your Canberra Morning Briefing

The Monday Mood: A City in Motion

Good morning, Canberra. If the roads felt a little busier during your commute today, there is a good reason: the summer holidays are officially in the rearview mirror. Today, Monday, 2 February 2026, marks the return to school for continuing students across the ACT. There is a palpable sense of the city shifting back into its professional and academic rhythm, with the quiet of January replaced by the familiar bustle of school zones and morning coffee runs. Despite the return to routine, the atmosphere remains upbeat as the community looks forward to a blockbuster month of summer festivals.

The Big Talking Point: The 'Fiscal Pickle'

The primary topic of conversation at the water cooler today is the Territory’s bottom line. As the mid-year budget review approaches, a sharp political clash has emerged over the ACT’s financial health. Shadow Treasurer Ed Cocks has expressed deep skepticism regarding the Government’s promises of a $500 million to $600 million improvement to the budget’s bottom line. While the Government maintains its fiscal strategy is "sensible and stable," the Opposition is sounding the alarm over long-term debt levels, which they claim could reach nearly $15 billion. This debate over the Territory’s "fiscal pickle" is set to dominate the Legislative Assembly in the coming weeks, especially with ongoing discussions regarding the potential termination of the Big Splash water park lease and the future of local infrastructure projects.

Feel-Good Story: A Global Party on the Horizon

If you need a reason to smile this Monday, you only have to look toward the CBD. Preparations are reaching a fever pitch for the 28th National Multicultural Festival, which kicks off this Friday, 6 February. This year’s "Multiculti" is shaping up to be one of the largest yet, with legendary Australian country music star Troy Cassar-Daley recently confirmed as the headline act. Beyond the music, locals are already buzzing about the 260 food and cultural stalls set to transform Glebe Park and the city center into a global street party. Adding to the whimsy of the season, organizers for the upcoming Balloon Spectacular have also revealed that "Finley the Turtle" will be among the special shapes soaring over the capital later this autumn.

Today’s Briefing Notes

• Weather: Expect a crisp start followed by a mostly sunny day with a top of approximately 22°C. Perfect conditions for the first day of the school term.
• Culture: The National Library of Australia is hosting a significant exhibition today commemorating the 30th Anniversary of Mabo v Queensland (No. 2), open from 9:00 am.
• Sports: The UC Capitals are finalizing their preparations for tomorrow night's Round 16 clash against the Southside Flyers at the Southern Cross Stadium.