A $14.6 billion cost-of-living relief plan has been announced in the federal budget, which also marks the first surplus in 15 years. Treasurer Jim Chalmers presented the budget, projecting a $4.2 billion surplus for the 2022-23 financial year. However, he cautioned that the surplus is likely to be a one-time occurrence due to an uncertain global economy. The budget focuses on making Australia more resilient and secure in uncertain times through responsible economic management. The budget projects a modest surplus for 2022-23 but warns of a deficit in 2023-24 due to weak economic growth. Despite the bleak economic outlook, the budget prioritizes providing cost-of-living relief measures that will not contribute to inflation. The cost-of-living plan includes help with power bills, reducing out-of-pocket health costs, supporting vulnerable Australians, creating affordable housing, and boosting wages. Measures such as price caps and gas market reforms are projected to reduce electricity price growth by up to 25% and lower the inflation rate. Additionally, welfare payments will be increased and the Commonwealth Rent Assistance program will receive an increase of 15%. The budget also includes a plan to build 1 million new homes over five years from 2024 to address the housing crisis.
Federal Budget 2023 Spotlights $14.6 Billion Cost-of-Living Bundle as Key Initiative
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