Australia targets cost-of-living relief and a second budget surplus amid falling iron ore prices and higher unemployment.
Australia aims to provide cost-of-living relief to households while pursuing a second budget surplus, Treasurer Jim Chalmers said. A falling iron ore price and higher unemployment rates will lead to smaller revenue upgrades than previously expected. Chalmers stated that the fiscal blueprint set to be presented in May will have a broader focus than inflation, as economic growth slows and a per capita recession deepens. The budget will not include significant cash splashes, as the government aims to focus on responsible and affordable cost-of-living relief.
March 13, 2024
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