Labor has unveiled its economic plan for the next four years and beyond. Here is a quick rundown of the essentials.
The Labor government has unveiled its economic plan for the next four years and beyond in its latest budget. Here is a quick rundown of what you need to know.Changes to the stage 3 tax cuts are the centrepiece of the government’s cost-of-living measures. From July 1, 13.6 million workers will get an average benefit of $1888 a year, or $36 a week.
Commonwealth rent assistance will increase by another 10 per cent after the government previously increased the payment by 15 per cent in the previous budget, the first back-to-back increase in the measure in more than 30 years.The Albanese government was under pressure to produce a cost-of-living budget amid persistently high inflation and high interest rates. Treasurer Jim Chalmers said the government would address the cost of living without adding to inflation.
But the surplus is expected to disappear in the coming financial year as a forecast fall in commodity prices, a softer jobs market and a slowdown in wages reduce tax receipts.Chalmers has joined an exclusive club with just three other treasurers – Peter Costello, Paul Keating and Frank Crean – who have delivered successive surpluses since 1970. Chalmers will argue the deterioration in the budget between 2024-25 and 2026-27 is due to “unavoidable spending”, such as funding aged care.
Labor is also freezing the maximum cost of PBS-listed drugs for this year and next year at $31.60, at a cost of $318 million over the five years from 2023-24, while for pensioners and concession card holders it will be frozen at $7.70 for five years.
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