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Treasurer Jim Chalmers has delivered his second budget, with a sharp focus on the cost of living for Australians struggling with a series of high inflation and rising interest rates.
Chalmers said the economy should continue to create jobs and while unemployment is expected to remain at historic lows, inflation is the main economic concern.
Chalmers says the budget aims to provide relief to Australians while trying to prevent a rise in inflation (although some economists are skeptical that this will happen).
The clear highlight of this budget is the government’s $14.6 billion cost-of-living spending plan, which includes some of the key measures listed below.
The government is forecasting a “small surplus” of $4.2 billion in the current fiscal year, the first time it has been in the black in 15 years. However, this is expected to be followed by a deficit of $13.9 billion in 2023-24 and projected deficits over the next three years.
Here are five charts to show how the current budget stacks up against historical economic trends and other economic indicators.
Following this is a list of notable expenses and budget cuts in specific portfolios.
This article is reprinted from the discussion under a Creative Commons license. Read the original article.
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