$9.3 billion: Chalmers lands the surplus double in third budget

Treasurer Jim Chalmers will forecast a second successive surplus – of $9.3 billion – in Tuesday’s budget, which will promise nationwide cost-of-living relief without fuelling inflation while trying to reshape the economy with its Future Made in Australia industry package.

Chalmers said a second surplus was a “powerful demonstration” of the government’s economic management, but it had not come at the expense of supporting those struggling with high inflation or mapping out a new direction for the economy. Already it has pledged $1 billion in government support for a quantum-computing facility in Brisbane and $1 billion towards a solar panel plant in NSW’s Hunter Valley.“It is a Labor Party budget through and through because it is a budget for every Australian, not just some. New investments in Medicare and the health system, more help for households doing it tough, more homes in every state and territory,” he told Labor MPs on Monday.

Parts of the government’s universities accord will be confirmed, including a plan to change the indexation arrangements for Higher Education Loan Program debts that will cost $3 billion. There are growing signs of the impact on the economy of past Reserve Bank rate rises. The Commonwealth Bank’sSpending lifted in non-discretionary areas such as education and utilities, with households cutting expenditure on food, hospitality, recreation and transport.

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