This will be the final budget before the next federal election.
At an event in Brisbane, Treasurer Chalmers said the government’s five priorities for the upcoming budget, including recovery efforts from Cyclone Alfred, addressing the cost of living, improving healthcare, investing in education, and boosting economic competitiveness.
“As of yesterday, 63,600 insurance claims had been lodged, with early modelling suggesting losses covered by the Cyclone Reinsurance Pool are around $1.7 billion,” the treasurer said.
“The $8.5 billion investment in strengthening Medicare is a cost-of-living policy with economic benefits, because more bulk-billing and more GPs means less pressure on families,” Chalmers said.
He also highlighted key infrastructure projects such as the $7.2 billion investment in the Bruce Highway and $2 billion for transforming Sunshine Station in Victoria.
Chalmers detailed plans to ease cost-of-living pressures for 3 million Australians by reducing student debt, slashing $19 billion in loans, and raising the compulsory repayment threshold.
He said the budget would be responsible, with Treasury projecting minimal change in revenue forecasts.
Related Stories
“Treasury doesn’t expect the bottom line this year or over the forward estimates to change very substantially from MYEFO,” Chalmers said.
“I have always believed if you get the economics right, the politics will sort themselves,” Chalmers stated. “But I know some of your questions will be political, so let me briefly set the scene with three quick points.”
Chalmers argued that only the government has presented a clear and structured economic plan, with further details to be outlined in the upcoming budget.
“Our opponents have had three years and still haven’t come clean on a single costed, credible or coherent economic policy. Every time they try, it falls in a heap,” he said.
He pointed to past failures, including issues with migration, nuclear energy, tax breaks, and work-from-home policies, accusing the opposition of “militant, mindless opposition” to initiatives aimed at reducing the cost of living.
“We see that in their secret costs and hundreds of billions of dollars in secret cuts that the Opposition Leader has said Australians won’t find out about until after the election,” Chalmers added.
Meanwhile, Shadow Treasurer Angus Taylor called for the budget to include a long-term economic plan over short-term election politics.
“Next week, Anthony Albanese and Jim Chalmers must outline their economic plan for the next five years, not just the next five weeks,” Taylor said.
“Prices are going up, wages aren’t keeping pace, and families are working multiple jobs just to stay afloat,” Taylor added.
