The government says it is serious about improving living standards but it has failed to provide targeted and long-term relief for the people who need it the most.
Tuesday’s budget will show there has been an improvement of $10.5 billion in the bottom line. The update forecasted a deficit of $1.1 billion for 2023-24.
The treasury will be given more resources to scrutinise investment proposals. In a speech, Treasurer Jim Chalmers will outline the guardrails around the new Future Made in Australia Act.
Peter Whiteford, Crawford School of Public Policy, Australian National University
Unemployment and related payments for working-age people were given a welcome boost in last year’s budget. But they remain well below pensions, and far from adequate.
Next month’s budget is an opportunity for the government to move beyond its ‘I feel your pain’ rhetoric to a HomeKeeper-style policy for this particular group of temporarily squeezed Australians.
Treasurer Jim Chalmers has flagged substantial public investment likely including tax breaks and other incentives in next month’s budget to encourage industry.
Anthony Albanese’s head of the Productivity Commission Danielle Wood has sent a warning to the Albanese government that his new response won’t be costless.
In a speech to Committee for Economic Development of Australia Treasurer Jim Chalmers will say lower commodity prices and a softening labour market mean this year’s revenue upgrade will be modest.
If Jim Chalmers were in television, he’d be the presenter, key producer and the warm-up act. The Budget might be two months away, but Chalmers is preparing us for his night in the spotlight.
Our super funds say they want to invest more in the net zero transition but that regulation blocks them. It’s time to put them to the test, and turn their piles of money toward a greener future.
The Mid-Year Economic and Fiscal Outlook (MYEFO) shows the federal budget is headed for a small $1.1 billion deficit this financial year, according to the update.
Infrastructure is always a vexed issue. The program is full of pork barrelling, whoever is in power. Even when that’s not involved, what to build and when it should be built is often contested.
If big money is going to invest in clean energy and technology, the rules have to be clear. Australia’s launch of a green finance strategy last week was a good start but there is further to go.
The ageing population will strengthen the trend towards a service-based economy, with the care and support sector potentially doubling over the coming four decades.