Fuel excise slashed in half, tax rebates for low and middle income earners and a $250 direct payment to pensioners, welfare recipients and veterans. The Morrison government is spending $8.25 billion to help people deal with the rising cost of living in a budget delivered days before an election is called.
Federal Treasurer Josh Frydenberg in the budget lock-up on Tuesday.Credit:James Brickwood
Treasurer Josh Frydenberg told Parliament tonight that events abroad were raising prices at home and said his suite of measures to help households was “temporary, targeted and responsible”.
He argues Australia has recovered from the pandemic better than any other nation, pointing to 4 per cent unemployment, the lowest in 48 years, and a predicted $100 billion improvement in the budget position compared to last year.
But other figures in his fourth budget are less rosy. The deficit for 2022-2023 will be $78 billion, the fourth biggest on record. Gross debt will rise to $1.2 trillion by 2024-25, while net debt will reach 33.1 per cent as a share of the economy by June 2026.
Senior economics correspondent Shane Wright says Scott Morrison and Mr Frydenberg have taken voter shopping to new heights in this budget. Read his take here.
While economics editor Ross Gittins says the help now comes with a tax sting later.
Treasurer Josh Frydenberg visits the offices of The Sydney Morning Herald during the 2022 budget lock-up.Credit:James Brickwood
Like many things in a pandemic-affected world, the traditional budget lock-up has changed. Before COVID-19, a large array of editors, reporters, producers and tech gurus would come to Canberra. Now it’s a smaller group in Parliament House and a larger team of writers and producers working remotely. In Canberra, Mr Frydenberg visits the offices of The Sydney Morning Herald, taking questions on his budget from our senior writers, before heading to his press conference. Our experts crunch the numbers with incredible skill, getting across the details and finding the stories buried deep within the budget papers. And at 7.30pm, as the Treasurer gets to his feet in Parliament to deliver his speech, we publish their stories, videos, graphics and analysis.
For a comprehensive view of news, I recommend chief political correspondent David Crowe’s front page wrap.
What the federal budget means for you
Source: Philippines Alive
