Numbers also reveal that Australia’s economy is growing slower than expected
A worker stacks newly printed federal budget papers in Canberra on Sunday. Government figures forecast that inflation could be back below 3% by the end of 2024.A worker stacks newly printed federal budget papers in Canberra on Sunday. Government figures forecast that inflation could be back below 3% by the end of 2024.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Chalmers emphasised his forecasts would be rosier than those the Reserve Bank has produced because they were based on more up-to-date information. Chalmers acknowledged the tension between needing to grow the economy and provide real relief without increasing spending that could push up inflation and make things worse.“We’re also conscious that the economy is not especially strong right now, and so there are some fine balances to strike,” Chalmers told the Nine Network.
The budget will also earmark money to cover superannuation on paid parental leave, which Chalmers confirmed would cost $1.1bn upfront and $600m a year ongoing.
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