7am A budget built to fight an election
May 14, 2024
Karen Barlow, Chief political correspondent for The Saturday Paper, discusses Treasurer Jim Chalmers' budget focusing on cost of living. Topics include power bill rebates, PBS medicine costs, rent assistance, and the government's response to the living crisis in Australia.
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Budget Importance
- The Albanese government's budget is crucial in an election year, aiming to address cost of living pressures.
- The Treasurer's challenge is balancing relief measures with avoiding exacerbating inflation.
Cost of Living Support
- The government allocated $7.8 billion for cost of living support, including energy bill relief and rent assistance.
- They also implemented tax cuts and froze medicine prices, aiming for direct inflation reduction.
Future Made in Australia Plan
- The "Future Made in Australia" plan is a 10-year, $22.7 billion package focused on tax incentives.
- It aims to attract investment in renewable energy and advanced technologies, with a focus on reducing reliance on fossil fuels.