- AU$14.6 billion allocated over four years to help families and businesses with cost of living pressures
- Budget aims to address price pressures and inflation, currently near 30-year highs of 7.0%
- Financial assistance planned for over 5 million low-income families, small businesses, and pensioners struggling with high power bills
Australia's Labor government has got your back, announcing a cool AU$14.6 billion ($9.84 billion) over four years to help ease the financial burden on families and businesses. And the best part? They're promising not to fan the flames of inflation while doing it.
The plan aims to chill out price pressures and inflation, which has calmed down a bit in the first quarter but is still hovering around 30-year high levels of 7.0%. Treasurer Jim Chalmers wants to make sure this budget helps you breathe easier, without adding to your financial stress.
So, what can you expect? The government is planning to reveal some much-needed financial support for over 5 million low-income families, small businesses, and pensioners who are feeling the pinch of high power bills. Chalmers is all about keeping spending in check to avoid boosting inflation, but still providing some relief.
This comes after the government already set aside AU$11.3 billion for wage bumps for aged care workers over four years, along with a 5% tobacco tax increase and an extra AU$2.4 billion in taxes on oil and gas producers.
While Australia's deficit is projected to shrink significantly thanks to a tax windfall from commodity exports, the budget is expected to maintain a cautious outlook in the face of looming fiscal challenges.
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