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New Federal budget to assist Australians affected by cost-of-living crisis

There will be a forecast surplus of $9.3 billion to be invested into key policies.

National Treasurer Jim Chalmers said tonight’s federal budget will assist Australians impacted by the cost-of-living crisis and those on lowest incomes.

He spoke early this morning and said the measures are designed to assist all Australians.

“We know that people are doing it tough, and that’s why there’s more help on the way in this budget,” he said.

Chalmers said the budget unveiled tonight will assist in combating inflation, offer cost-of-living relief and invest in health and welfare, education and housing.

“The cost of living relief in this budget will be substantial, and it will be responsible,” he said. “There will be a tax cut for every taxpayer and there will be more help to help people make ends meet.”

A second surplus of $9.3 billion is forecasted in the budget leading Chalmers to announce investments in key policies.

These key policies include: Welfare support increases, student debt relief and placement support, stage three tax cuts, superannuation on paid parental leave, energy bill relief and anti-domestic violence measures.

Minister of Finance Katy Gallagher said they are “committed to the national plan, that sets out our overarching goal to end violence against women and children in a generation.”

“It has already got $2.3 billion attached to that plan,” she said. “We are making additional investments to that, you’ll see some of that in the budget.”

Other measures that will form part of the budget include:

  • $227 million to launch 29 new urgent care clinics.
  • $49.1 million to provide support for women suffering from severe gynaecological conditions with specialist care.
  • $160 million to establish a national firearms register.
  • $11.3 billion housing package.
  • $50.3 billion spending boost for the military.

As it might be the last full-year budget before the next election the Albanese government has to avoid adding pressure to inflation while providing cost-of-living relief.

The Treasury thinks inflation could be back below 3 percent by the end of the year partially due to measures which will be revealed in tonight’s budget.

The 2023/24 budget will be $65.9 billion better in comparison to the pre-election fiscal outlook, according to treasury figures released by Chalmers office.


Photo: Speaker at a parliamentary prayer breakfast by M Chan is available HERE and is used under a Creative Commons Licence. This image has not been modified.

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