‘Relief, restraint, reform’: Treasurer Chalmers profiles upcoming federal budget

Treasurer Jim Chalmers 's federal budget to be underpinned by 'relief, restraint, reform' as government seeks to stabilise economy

“It will engage in this fight against inflation, by showing restraint, by designing our cost of living policies in a way that takes the edge off inflation rather than add to it.” Mr Chalmers acknowledged fluctuating petrol prices were a significant part of cost of living pressures facing the average taxpayer but said the budget would not address this through a safeguarded reduction in prices, like under a fuel excise.

With this year’s budget being an overtly inflation-conscious one, the Albanese government is likely to be blamed squarely for another interest rate hike by the Reserve Bank, which could destroy its chances of retainment of office in next year’s federal election.saw interest rates left at 4.35 per cent having held steady for six months but stronger than expected inflation data and the impending budget has sparked fear of an almost immediate rise to come.

“The budget is in much better nick as a consequence of a range of things. In this budget, the main driver of improvement is actually the labour market, the fact that more people are working, more people are earning more, is the primary driver of any upward revision to revenue.

Source: News Formal (newsformal.com)

Tax Relief Albanese Government Cost Of Living Federal Budget Tax Cuts Angus Taylor Jim Chalmers Labor

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