A government source has confirmed the rate of JobSeeker, Austudy and Youth Allowance will all be increased in tonight's budget, while there will also be additional support for renters. Follow all the action live.
Central to this budget will be the government’s desire to abate cost-of-living pressures for voters without adding to inflation which is coming down from its peak but at 7 per cent remains well above the Reserve Bank’s target rate.is promising a $14.6 billion cost-of-living relief package with a focus on relieving energy bill costs for 5 million voters.
However, it’s a delicate balancing act to provide relief without adding to inflation, so watch the reaction from economists and analysts once the detail is released and their assessment of whether this has indeed been struck. Chalmers says the budget will direct cost-of-living relief targeted towards the most vulnerable, lay the foundations for “future growth in areas like cleaner and cheaper energy” and help make the budget sustainable in the long term.The cherry on top of tonight’s budget cake is almost certainly going to be the first budget surplus to be handed down by an Australian treasurer in 15 years.Jim ChalmersTreasurer Jim Chalmers holds a doorstop interview before handing down the 2023-2024 Budget.
Chalmers insists this is not solely the result of strong commodity prices – although that does account for about 20 per cent of the revenue growth since last budget – but economic growth and Labor banking the extra revenues.
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