Treasurer gives sneak peek into budget

Treasurer Jim Chalmers has offered a glimpse into the Labor government’s economic plan, ahead of unveiling the federal budget on Tuesday evening.

"So there’ll be cost of living relief in the budget, there’ll be a tax cut for every taxpayer, but there’ll be additional cost of living help on top of that as well."Mr Chalmers was questioned on whether he had any “worry” the tax cuts, approximating $36 a week, would be enough to quell the financial stresses of many Australians.

Mr Chalmers was pressed on whether he could reveal any specific details of the federal government’s economic plan, but kept his cards close to his chest. The main difference, Mr Chalmers explained, was the Treasury consider the policies outlined in the Budget, suggesting the new economic plan would reduce inflation by more than one percentage point compared to the RBA's figure for the end of the year.

“Inflation is almost half what we inherited when we came to office, we’re actually ahead of the inflation forecast we had in the last budget update." “What we’ve seen in the past is it actually puts downward pressure on inflation, not upward pressure on inflation,” he said.

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