The budget in five minutes | jamesmassola
Economic growth is forecast to hit 3.5 per cent in 2022-23, an upwards revision from a year ago. It will then cool to 2.5 per cent.
Wages growth is expected to run above 3 per cent annually for the next four years, though almost all of that growth will be cancelled by rising prices. The forecast net debt for the following two years is a combined $1594 billion – a huge figure, but a $307 billion improvement on the $1901 billion forecast a year ago.Loading
The fuel tax will be cut by 22 cents, a halving of the rate, for six months. This will save motorists about $11 on a 50 litre tank of petrol. The cost of the measure is about $2.7 billion
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