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.
The budget focuses on cost of living relief and reforms to address financial burdens on Australians.
The 'Future Made in Australia' package aims to transition towards a global net-zero economy for economic prosperity.
Deep dives
Budget Highlights: Relief and Reforms
The budget delivered by Treasurer Jim Chalmers focuses on cost of living relief and significant reforms. With billions in new spending, tax cuts, and energy bill rebates, the government aims to ease the financial burdens on Australians. The budget emphasizes responsible spending to reduce inflation and ensure economic growth, positioning it as a vital document for both economic stability and political strategy.
Future Made in Australia: Reform Package
The 'Future Made in Australia' package represents a substantial reform initiative within the budget, totaling $22.7 billion over ten years. This plan focuses on transitioning towards a global net-zero economy, leveraging tax incentives for critical minerals and hydrogen production. By emphasizing renewable energy, technology innovation, and job creation, the government aims to align Australia with evolving global trends and secure economic prosperity.
Surplus and Economic Management Strategy
The budget marks a significant political milestone with projected surpluses, showcasing the government's economic management prowess. Achieving back-to-back surpluses after an extended period highlights the government's commitment to fiscal responsibility. Despite challenges and looming deficits, prioritizing surplus budgets reinforces the government's narrative of stability and financial prudence, a key factor in the upcoming election landscape.
Jim Chalmers delivered what could be the most important budget of his political career last night. But how much will it help with the cost of living and how will we feel the impact?
Today, chief political correspondent for The Saturday Paper Karen Barlow on the budget that’s attempting to reshape Australia’s response to the living crisis.