This pre-election budget includes $300 in power bill discounts for every household, $1.9 billion in rent assistance and $14 billion in tax credits for critical mineral miners and green hydrogen producers.
Already a subscriber?The Albanese government has increased net spending by more than $24 billion over the next four years, including $300 in power bill discounts for every household and $325 for small businesses, in a move which Treasury says will cut inflation by 0.5 percentage points next financial year.that raises the spectre of an early election, Treasurer Jim Chalmers relied on a late tax revenue surge to forecast a $9.3 billion surplus for this financial year, up from the $1.
While this raises the prospect of a pre-election interest rate cut, the budget still assumes the cash rate will not begin to ease until the middle of 2025. As well as being a part of the Future Made in Australia Act, the government intends the credits to help local nickel miners being undercut by Chinese-backed Indonesian mines.
with initiatives to woo voters. With deficits looming for a decade from next year, it could well be the last budget Dr Chalmers delivers before going to the polls.The cost-of-living measures build on the $107 billion on revamped tax cuts. Planned price increases for aged care, based on means, have been shelved pending further negotiation between the government and the Opposition.
“We have a big commitment to make sure that workers in the care sector, predominantly women, are paid fairly for what they do,” Dr Chalmers said.
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