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🗞️Treasurer Jim Chalmers' Third Budget to Focus on Cost-of-Living Relief

🗞️Treasurer Jim Chalmers' Third Budget to Focus on Cost-of-Living Relief

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Due to strong employment and high commodity prices, Australia's annual budget due on Tuesday is expected to show another surplus, allowing it to fund more cost-of-living relief and industry incentives.

Before his third budget since the Labor government took power in 2022, Treasurer Jim Chalmers said that inflation would fall to the central bank's 2-3% target band by the end of the year because of Canberra's price-cooling measures.

While the RBA doesn't expect inflation to return to target until late 2025, that would be a welcome surprise.He said “The responsible Budget we hand down tomorrow will be all about easing cost of living pressures and investing in the future.”

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Katy Gallagher told Nine Network this morning about the prediction discrepancy:

Well, the inflation projections or the forecasts that are done by the RBA are done independently of government, obviously. The Treasury forecasts, which will be released in the budget, have taken into consideration all of the decisions we’ve taken in the budget. Obviously that wasn’t available to the RBA.

So I don’t think there’s any surprise that there’s a bit of a difference there. But that goes to the point I made that the decisions we’ve taken in this budget put downward pressure on inflation. We want to be part of the solution, not part of the problem.

And we want to make sure we can give people some cost-of-living relief.

So, the tax cuts obviously are the big part of that in this budget, but some further cost-of-living relief in recognition that people are doing it really tough right around the country.

Ahead of tomorrow's budget, Prime Minister Anthony Albanese is giving his caucus rah-rah speech for the cameras:

“ This is a true Labor budget because it helps people who are under pressure right now. But it's also about investment. Investment in our future, in jobs, in skills, in infrastructure, in housing, in social care, be it health or education,” Mr, Albanese said .

He added that's what Labor governments always do - deal with the urgent necessities that we have to deal with, things that we're confronted with, but always with our eye on a better future.

“Always how we can create and, indeed, after anticipating that better future. And our tax cuts for every Australian is a reminder that we want to represent, and indeed we will in tomorrow night's budget, every single Australian.” He disclosed.

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🗞️Treasurer Jim Chalmers' Third Budget to Focus on Cost-of-Living Relief

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