May 9, 2023: On Monday, Australia’s centre-left Labor government said it would include 14.6 billion Australian dollars in the federal Budget over four years for cost-of-living relief for families and firms, which it promised would not stoke inflation.
The federal government said the plan is designed to ease price pressures and inflation directly, which has reduced in the first quarter but still sits closer to a 30-year high of 7.0%.
“The centrepiece of the package will be cost-of-living relief that isn’t added to inflation,” Treasurer Jim Chalmers stated in a statement ahead of Tuesday’s federal Budget.
“People are under the pump. We’ve carefully calibrated and designed this Budget to take the pressure off the cost of living instead of adding to it.”
The administration is set to unveil financial assistance for over 5 million low-income families, small firms and pensioners who struggle with high power bills in the Budget.
Repeatedly, Chalmers has stated his Budget would be restrained on which speeds so as not to add to inflationary pressures while providing some relief following the Reserve Bank of Australia in the previous week stunned markets with a price increase, defying trader anticipation for an extended pause.
On Friday, the RBA warned that inflation risks were on the upside, starting low productivity growth, increasing energy prices and a rent surge.
The latest relief measures come after the administration set aside AU$11.3 billion for wage rises for aged care workers for more than four years while reporting an additional 5% tobacco tax and AU$2.4 billion in more tax on oil and gas producers.
Australia’s deficit is anticipated to shrink sharply, the Budget is anticipated to show, as its coffers start with tax windfalls from commodity exports, yet the outlook will be sober as fiscal challenges loom.
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