The Morrison government has made an audacious bid for re-election with an $8.6b cost-of-living package including halving the petrol tax, a $420 tax bonus and $250 one-off payments.
that slashes petrol tax by 22 cents per litre for six months, gives 10 million low-and-middle income earners a one-off, bonus tax rebate of $420, and hands $250 cheques to six million pensioners and welfare recipients.from next financial year onwards, and also sent a message of post-election, post-pandemic restraint by using the majority of dividends from a rapidly rebounding economy to start corralling debt and deficit.Of the $114.
The cut, to be legislated this week, comes into effect from 12.01am Wednesday and ends automatically at 11.59pm on September 28. Another $1.5 billion will be spent on the $250 “cost of living” payments to age pensioners and welfare recipients. Other business tax breaks, such as loss carryback provisions, which were designed to help business during the pandemic, have also been ended.Despite the improvements in the budget bottom line, the budget will stay in deficit for at least the next decade. However, the deficit, currently 3.4 per cent of GDP, is forecast to shrink to 0.7 per cent of GDP by 2032-33.
At the same time, wages growth, driven by a 3.75 per cent unemployment rate, is expected to hit 3.25 per cent next year, accounting for a 0.25 per cent real wage increase, and then be 1 percentage point higher than inflation the year after.The Nationals secured up to $34 billion for the regions in return for their support for net zero emissions by 2050.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Spending in this budget will certainly be targeted – at re-electionThe budget is supposed to be about Australia’s long-term future. It’s really about the government’s short-term future come the election. Labor will back it all the way - and add some more spending of its own.
Read more »
UN refugee agency criticised over response to Ukraine warMajor humanitarian bodies appeared ‘disoriented’ by Russian invasion, says Ukraine’s deputy PM
Read more »
UN refugee agency criticised over response to Ukraine warMajor humanitarian bodies appeared ‘disoriented’ by Russian invasion, says Ukraine’s deputy PM
Read more »
Defiant Solomon Islands PM says deal with China is ‘ready to sign’Manasseh Sogavare accused the West of sowing instability in a defiant speech that will make his country Beijing’s top partner in the Pacific.
Read more »
Stars in Brazil voice fury as judge orders festival to ban ‘political demonstrations’Electoral judge outlaws leftist ‘propaganda’ at Lollapalooza, months before October election
Read more »
Australia’s cost of living crisis is hurting ordinary households, and it won’t be over soon | Satyajit DasInflation is on the rise and in an election year, there’s very little politicians can do
Read more »