The federal budget will be handed down tonight.
Source:Tuesday's federal budget will include increases to the base rate payments of JobSeeker, Austudy and Youth Allowance as well as additional assistance for renters, SBS News understands., projected to total $14.6 billion over four years.
Mr Chalmers' second budget will unveil smaller deficits than forecast, with a $143 billion reduction over the forward estimates.But most of the increased revenue will be banked instead of answering calls for boosts to welfare payments with the interest bill on the debt set to hit $110 billion over the next five years.
"Our responsible economic management is all about spending restraint, substantial savings redirected to other priorities, and modest but meaningful tax changes." While also rolling out power bill relief, cheaper medicines and tax incentives for electrification and energy efficiency upgrades, the government has found $17.8 billion in savings and will reap $2.4 billion extra revenue from taxes on offshore LNG producers.
Senator Hume said the government had palmed off its responsibility to help bring down inflation to the Reserve Bank.Greens leader Adam Bandt said the changes to the petroleum resource rent tax had been designed by the "gas cabal" and did not go far enough in taxing producers more to pay for social services.
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