Brakes on spending: Albanese warns of budget cuts | CroweDM
Cabinet ministers have started work on spending cuts in the federal budget after identifying programs they want to scrap, sparking a warning to Australians to prepare for curbs on outlays to bring the nation’s finances under control.
Albanese offered state and territory governments a $761 million increase in hospital funding at a national cabinet meeting last Friday, but the money covers the six months to December 31, which means federal assistance falls back to lower levels next year.With interest rates on the rise, the government faces the risk of further costs on commonwealth debt when the annual interest expense was forecast to rise from $20.
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