Treasurer Jim Chalmers says the next budget will offer a cost of living relief package as rising interest rates, and skyrocketing grocery, power and petrol prices take their toll on family finances. auspol 7NEWS
on Tuesday.“Our job as the government is to make sure that after some of this near-term cost of living runs out that was in the last budget, that it is replaced by responsible, long-term, sustainable cost of living relief in areas like medicine.
Chalmers said the Labor government would offer “responsible” cost of living relief in areas such as “medicine, childcare, getting power bills down over time, and getting wages moving again”.Low and middle income earners will also receive cumulative tax offsets of up to $1500 in their tax return this year, the Low and Middle Income Tax Offset which was introduced by the previous government during the pandemic and extended to this tax year.
Consumer inflation expectations also rose 0.2 percentage points to 5.7 per cent, the highest result since early April.
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