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Treasurer Jim Chalmers says next week’s federal budget will fight inflation without slowing the economy by more than is necessary. As leading economists warn the budget must be neutral or contractionary to avoid fuelling inflation, Chalmers said the government would help voters with the high cost of living while also getting the budget in “much better nick”.
“It won’t be a smash-and-grab budget, because people are hurting and the economy is slowing.” However, the treasurer said the government would not go overboard with its spending. Real spending growth would be just 1.4 per cent over the two prior years and the four years ahead, he said. “There will be savings in the budget, there will be spending restraint in the budget, so that we can get the budget in much better nick to make room for our priorities,” Chalmers said.
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