The Federal Treasurer faces the difficult task of offering those doing it tough some cost of living relief while not hurting the budget’s bottom line.
Treasurer Jim Chalmers will be walking a fiscal tightrope when he hands down his second budget in a little over a week.
Independent Zoe Daniel asked the independent Parliamentary Budget Office how much it would cost the government: about $640 million over the next three years to cover parents for an additional four years until their youngest reached 12, or $1.1 billion until their child reached 16. The government is actually going to get a decent boost to its budget bottom line from improved tax take – to the tune of more than $200 billion extra over the four years to 2025-26 than it expected in the October budget, according to independent economist Chris Richardson, thanks to factors such as higher commodity prices.
The government needs to reduce the budget deficit. If it’s not brought down, the government or future governments will have little room to deal with unexpected shocks, such as another global health crisis.Richardson points out, however, that government decisions have also added to the deficit since the October budget.
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