Finance Minister Katy Gallagher has insisted Labor does not want to “make the Reserve Bank’s job harder” as she defends the government’s significant cost of living package in the face of persistent inflation.
Treasurer Jim Chalmers is expected to post a budget surplus off the back of $17.8 billion of savings, booming commodity prices and surging income tax receipts as a result of record low unemployment.
Ahead of her first full budget, Finance Minister Katy Gallagher said managing a “high inflationary environment” was still “front and centre” of the government’s decisions. And it comes as the Reserve Bank continues a regime of monetary tightening to put the breaks on the economy after inflation hit seven per cent in the latest CPI figures.
Labor’s spending so far totals, and will likely exceed, more than $35 billion with further measures expected to be revealed on Tuesday. He also argued that any planned welfare increases were “calibrated in a way” which doesn’t add to inflation.
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