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In handing down his second Federal Budget, Treasurer Jim Chalmers committed to “seeing our people through the hard times – and setting our country up for a better future”, claiming the cost-of-living relief measures in this budget would shave 0.75% off inflation.
Coming off the back of 11 interest rate rises Treasurer Chalmers budget aims to “strike a considered, methodical balance … between spending restraint to keep the pressure off inflation, while doing what we can to help people struggling to make ends meet”.
From personal and business tax to banking, superannuation, infrastructure, health, defence, climate change and more, the Federal Budget touches on every corner of the Australian economy.
The centrepieces of this budget include a $5.7bn investment in Medicare and an increase in jobseeker and commonwealth rent assistance for all ages aimed at helping Australians “under the pump”.
As people grapple with the unwelcome cost of living pressures, it’s clear the Government is committed to achieving responsible and targeted relief for the Australian community at large, by building a stronger and more sustainable care economy.
Access our Budget Report and Tax & Superannuation Overview for a full analysis.
