Chalmers' budget bind
On any measure, this will be the treasurer’s first new economy-focused budget. But is the public ready for it?
Inflation remains too high. This is no doubt haunting the Albanese government as Jim Chalmers embarks on his most ambitious budget yet.
The treasurer knows the global economy is shifting beneath his feet, and he is clearly ready to be ambitious in preparing Australia for this reality. But most mainstream economists and voters are much more concerned about the here and now. And, right now, the cost of living and fighting inflation frustratingly remain the main concerns.
We already know a bit about what the government is planning. In typical fashion, the government has been trickling out details about the budget over the past few weeks and months. This includes Anthony Albanese’s flagship Future Made in Australia plan, amendments to student loan debt and, of course, the amended stage 3 tax plans. There is also expected to be a new energy relief package — and all eyes will be on what form this takes and whether it will be inflationary.
Chalmers has been positioning the budget as both an answer to current hip-pocket concerns and the start of a new agenda for the economy. And he’s claimed there won’t be any big surprises next Tuesday.
