FEDERAL BUDGET AT A GLANCE * Budget deficit of $27.6 billion this financial year * Commonwealth gross debt to rise to $940 billion (33.7 per cent of GDP) in 2024/25 before cracking $1 trillion the year after * Net debt to rise to $556 billion in 2024/25 * Economic...
The Reserve Bank’s efforts to curb inflation are heading in the right direction, with monthly inflation continuing downward, but it likely won’t be enough to force a rate cut next week. The monthly consumer price index fell 10 basis points to 2.4 per cent in the...
Australian workers will be increasingly relied upon to prop up ballooning federal government spending, despite tax cuts handing back two years of bracket creep. The “modest” cuts announced by Treasurer Jim Chalmers in the federal budget will save taxpayers $10 a week once fully implemented in...
Low-emissions metals and other industries the federal government views as vital to Australia’s net zero future have locked in funding in the federal budget. A total of $3 billion has been earmarked to support green aluminium and iron endeavours in Tuesday’s budget. Households keen to soak up...
Plans for new tax cuts for every Australian worker have been rushed into federal parliament, as the window for the calling of the national election narrows. Treasurer Jim Chalmers introduced the legislation to the house on Wednesday, saying it will give a “top-up” to every taxpayer...
Wages are set to rise on the back of a robust jobs market, stronger economic activity, sectoral pay boosts and a ban on non-compete clauses. Workers have already seen some let-up in prices eroding hard-won pay gains and new Treasury forecasts suggest the gap between inflation...