Treasurer aims to strike a ‘methodical balance’ to see people through the hard times while setting the country up for a better future
Jim Chalmers has announced a $5.7bn investment in Medicare and an increase in jobseeker and commonwealth rent assistance for all ages as the centrepieces of Labor’s first full-year budget aimed at helping Australians “under the pump”.
After 11 interest rate rises and calls to use fiscal policy to help fight inflation, Chalmers said the budget aimed to “strike a considered, methodical balance … between spending restraint to keep the pressure off inflation, while doing what we can to help people struggling to make ends meet”. While the base rate will rise for all, eligibility for the existing higher rate of jobseeker for those aged 60 and over who have been on the payment for nine months or more will be lowered to 55.
“This will provide up to $31 extra a fortnight for people renting in the private market and community housing – the largest increase in more than 30 years,” Chalmers said. As a result, gross debt to GDP will peak “lower and earlier at 36.5% of GDP in 2025-26, $154bn less than was expected”, he said in his budget speech.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Federal budget 2023: what we know so far about treasurer Jim Chalmers’ budgetFrom welfare to health, childcare and housing, Guardian Australia examines what has been revealed about the Albanese government’s budget
Read more »
Federal Budget 2023 live: Chalmers to announce surplus; Cost-of-living relief expectedTreasurer Jim Chalmers will soon hand down one of the most important federal budgets in decades. But what's in it for you? 9News
Read more »
Federal budget: Treasurer Jim Chalmers heralds ‘biggest turnaround on record’Federal treasurer Jim Chalmers says a stronger labour market and improved wages has boosted revenue more than higher commodities, but he won’t be rolling out a ‘Back in Black’ mugs; Follow updates live.
Read more »
Treasurer Jim Chalmers’ budget will be ‘dramatically increasing personal income taxes’Treasurer Jim Chalmers' budget will 'be a record' for increases in personal income taxes, says Former Victorian Liberal party president Michael Kroger. “He’s been hit in the backside by the biggest rainbow of all time,” he told Sky News host Paul Murray. “He’s dramatically increasing personal income taxes – look for the take on personal income taxes by the way on Tuesday night – it’ll be a record.”
Read more »
Jim Chalmers set to forecast first budget surplus in 15 yearsThe federal budget is forecasting a near $4 billion surplus for this financial year and smaller deficits over the forward estimates.
Read more »