Australia's Treasury is forecasting that inflation could drop below the 2-3pc target band by the end of 2024, a year earlier than the Reserve Bank of Australia's (RBA) projections. This forecast will be detailed in the upcoming federal budget, which Treasurer Jim Chalmers is set to announce. The budget is expected to deliver a $9.3 billion surplus for the current financial year, marking the second consecutive year of surplus. Key measures include a $300 energy bill rebate for every household and increased rent assistance, aimed at easing cost-of-living pressures. The budget also allocates substantial funds for green technologies, including $13.7 billion for green hydrogen and $1.7 billion for green metals, in the 2024-25 fiscal year. Despite these measures, there are concerns about the government's ability to manage inflation and economic growth effectively.
"This was the absolute wrong time to be having an austere budget." "These measures that the Government is putting out aren't so much increasing inflation, it's actually just helping." @GrogsGamut @MattGrudnoff #Budget2024 https://t.co/DTvtGY6u0L
"This Budget seemed to have two goals: help with the squeeze on households and reduce the CPI back into the RBA's target band." - Chief Economist Greg Jericho @GrogsGamut #auspol #Budget2024 https://t.co/YO6rHTC3kc
Treasurer Jim Chalmers has “changed his tune” on who is eligible for energy rebates in the new federal budget, says Sky News Political Editor Andrew Clennell. https://t.co/Y8L1IUH6Gx
Labor’s budget prompts early election speculation with Shadow Treasurer Angus Taylor saying he is “always ready” for one. https://t.co/Zn8THRfm8p
Sky News host Andrew Bolt has blasted Labor’s “sensational” budget as he criticises the party’s high spending. https://t.co/5wyx1G7rmR
After back-to-back surpluses, Australia’s budget will swing back to red in fiscal 2025- driven by cost-of-living relief & spending on unfunded programs by the last government. RBA seen staying higher for longer with the risk of expansionary fiscal impulse https://t.co/7Xkh5JBenp https://t.co/gx4PC914I5
Sky News Australia host Paul Murray has called out former Labor Minister Stephen Conroy’s claim the 2024 federal budget is a “proud Labor budget.” https://t.co/6ty8kxEaKU
The budget’s biggest new spend will be a $22.7 billion bet on a clean-tech Australian future, with subsidies for currently commercially unproven green technologies, in an ambitious attempt to break China’s dominance in the global supply chain. https://t.co/JRcL1hXJ6l
OPINION: The Treasurer is walking a tightrope between splashing cash in areas of need and reining in inflation. Here’s how he fared: https://t.co/TMW4RMndQ6 https://t.co/6MFQyHAY03
Some Australian households will be more than $9000 worse off when it comes to tax cuts. Use our interactive calculator to see how much you’ll get > https://t.co/YwU0kd1OXV https://t.co/QGlmYQkjxg
Nearly one million Australians receiving Commonwealth Rent Assistance will see a 10 per cent boost to their fortnightly payments. #9News https://t.co/b1knEYAk0C
The people who should be most worried about this profligate pre-election budget are Reserve Bank governor Michele Bullock and home loan borrowers. Read economics editor John Kehoe's full analysis here: https://t.co/1dKxYEKqFu #auspol #budgetlockup #budgetnight #federalbudget2024 https://t.co/LBSCQgkZ5J
FOR IMMEDIATE RELEASE: 2024 Budget: No Priorities, Lacks Ambition. Lines attributable to Matt Grudnoff, Senior Economist at the Australia Institute. Read now: https://t.co/kMmsPbIXAE #auspol #budget24 https://t.co/hHofAPG4dU
Treasurer Jim Chalmers has unveiled $7.8 billion worth of new cost of living measures. KPMG's Federal Budget calculator lets you see exactly how much of the package could be coming your way. https://t.co/5cT2KUXebT
Commonwealth Rent Assistance has increased by 10%🏘️ This is good in the short term, but doesn't address the key problems behind the housing and rental crisis. (I.e. there's no new money for public housing, or reforms to capital gains or negative gearing) #Budget2024 #auspol https://t.co/n8CMxBGCOv
Every household in Australia will get a $300 discount on their energy bills. But how do you receive the rebate? #Budget2024 #9News https://t.co/FSlwIiYcP4
The budget explained in seven charts https://t.co/4ZthTHM6tP
How the budget affects you – from students to retirees https://t.co/dI2te4eLZ1
From changing tax to the spending splurge and our debt mountain, this is Labor’s federal budget in five must-see charts: https://t.co/UHxyfPIGXU https://t.co/sqjWuXTlM1
Budget 2024 LIVE updates: Treasurer reveals $3.5b energy subsidy plan to fight inflation https://t.co/qxmDukzdlF
Sky News Political Editor Andrew Clennell says Labor’s new federal budget indicates “pessimistic forecasts” for economic growth. https://t.co/XGvWjqMHv5
Economists are likely to quibble with the government's claim its budget is helping, not hindering, the inflation fight, but in the end the RBA's judgment will be what matters. https://t.co/1rgQGNY2aO
Just like every taxpayer is getting a tax cut, every household will now get energy bill relief under the Albanese Government. From 1 July 2024, all households will see a $300 credit automatically applied to their electricity bills and around one million small businesses will… https://t.co/FmvBgDJSaa
Treasurer Jim Chalmers has pledged a $520 million boost to net zero trade as part of the 2024-25 budget. https://t.co/Mnsy5qx6Xe
Budget 2024: Labor is trying to ease Australians’ cost-of-living pain in the hope voters repay the favour | Karen Middleton https://t.co/wD9zHrmgrm
There’s a tax cut for every taxpayer, but don’t be fooled: there are still winners and losers in this year’s federal budget. See the full breakdown: https://t.co/5SBstREVwg https://t.co/akPQdvGSif
Your Federal budget 5-minute guide https://t.co/92rBnbz4s9
Australia's budget will swing back to a A$28.3 billion deficit as it prepares to unleash a wave of spending, including electricity subsidies https://t.co/KlKSogS8Fm
Millions of Aussies will welcome tax cuts, bill relief and frozen medicine prices. But others will feel pain with the cost of living blowing out. See what’s in the budget and how it affects you. MORE 👉 https://t.co/fAAq5B0x78 https://t.co/X4e4Zdt8qy
From a new $300 energy rebate for all households, to more help for low-income renters, cost-of-living relief was a keystone of this year’s budget. Here’s what’s in it for you. https://t.co/MYMEteBioz
The government has announced huge news for every household in Australia as part of its focus on easing cost of living pressures. https://t.co/tsS0VZw7DW
#Budget2024 is in - here's what you need to know. #9News https://t.co/QGcNT0nB9b
Treasurer Jim Chalmers has pledged to “strengthen Medicare and mental health” in his 2024 federal budget. https://t.co/oOqWUxA5OE
Federal budget 2024 – winners and losers summary https://t.co/h9Rt69nSZ8
Jim Chalmers is hiding a dirty secret in the budget so X-rated it’s not even available in a personal income tax cut sealed section. https://t.co/rK9DoGJet8
Budget 2024: Jim Chalmers feels your pain and hopes, come election time, you will do your bit | Karen Middleton https://t.co/P3kkDTOXMq
Jim Chalmers has splurged $7.8bn on new cost-of-living measures including $300 energy subsidies designed to artificially lower inflation and heap pressure on the Reserve Bank to cut rates: https://t.co/XO7S0vWKFG https://t.co/Xl67tjkRLa
power price discounts to provide $300 discounts to every household (+ $325 to every small biz), will not be means-tested in addition to state budget discounts -$1,000 in QLD -$400 in WA cost $3.5bn just for 1 year #ausbiz
Australia budget 2024: the six graphs you need to see | @GrogsGamut https://t.co/gkgs0RNjSG
Here are the winners and losers from Australia's 2024-25 budget https://t.co/ASYPEMUFlR
Treasurer Jim Chalmers has announced every Australian household is to receive a $300 energy bill rebate from July 1. https://t.co/ZTyVKnoEG6
The federal government has released its budget for the forthcoming year. So, from a $300 energy bill handout to potentially cheaper sweet potatoes, here's the break down of those getting a helping hand and those missing out. Find the full analysis: https://t.co/ru0iQsicUM https://t.co/inCHtxm1u7
Treasurer Jim Chalmers says the 2024 Federal Budget has been constructed in “fraught and fragile global conditions”. https://t.co/ctciiuTmc6
Treasurer Jim Chalmers says inflation could “return to target earlier” than originally forecasted by the Treasury. https://t.co/T750BRGmdI
Young or old, single or married: this is how the 2024 budget will impact your life. https://t.co/pPn0YrBK3f
From Gen Z to Boomers: what the 2024 budget means for your generation | Australian budget 2024 | The Guardian (sadly including YT) https://t.co/8pmMmZBbPY
Treasurer Jim Chalmers says annual inflation has “more than halved” from its peak in 2022. https://t.co/JlwVvY6NbZ
#Budget2024 $13.7B for #greenhydrogen, #renewables $1.7B for NAIF for green metals And geological mapping for the whole country?
Australia budget 2024: the six graphs you need to see https://t.co/GnIUuihEww
Federal budget ramps up Aukus with $2.6bn earmarked for submarine project in 2024-25 https://t.co/S70Phb4Am4
Future Made in Australia: $23bn for ‘biggest transformation since industrial revolution’ https://t.co/w5OCDFhjHi
#Budget2024 $13.7B for #greenhydrogen $1.7B for NAIF for green metals And geological mapping for the whole country?
#Budget2024 $13.7B for #greenhydrogen $1.7B for NAIF for green metals And mapping the whole country?
The complete 2024 Australian budget: choose the news coverage that matters to you https://t.co/SITyq1tbem
Federal budget 2024 live updates: Jim Chalmers delivers Australia budget speech – latest news https://t.co/whkRY8734H
This pre-election budget includes $300 in power bill discounts for every household, $1.9 billion in rent assistance and $14 billion in tax credits for critical mineral miners and green hydrogen producers. https://t.co/Md2r2mqXx8
From cost of living relief, tax cuts and health benefits to housing education and defence. 💸 Here’s your 5 minute guide to the 2024-25 Federal Budget and how it impacts you > https://t.co/Fhtyc6288C https://t.co/wFxANxcOkX
Cost-of-living package in 2024 federal budget includes $3.5bn energy rebate and rent assistance but no jobseeker boost https://t.co/UxalXsGRfV
Are you a winner or loser in this budget? https://t.co/3HMuSSz5qB
The bulk of the government’s $7.8bn new cost-of-living measures – including $300 energy rebates for every household – will be paid out in 2024-25, during the election year. See if you’re eligible: https://t.co/c5lXazboVZ https://t.co/XyCKiTUKdk
Australians will be given $3.5 billion in subsidies to soften the blow from soaring energy bills in a federal budget that pours cash into household and business measures while promising to cut inflation before the next election. https://t.co/OqC6dJyjWi
⚠️ AUSTRALIA DOLES OUT ENERGY, RENT RELIEF IN BALM FOR INFLATION Full Story → https://t.co/CB2kHcZXYA Australia's government plans to spend billions to cut energy bills and rent, lowering headline inflation and providing relief for voters grumbling about cost of living…
*AUSTRALIA SEES A$28.3B BUDGET DEFICIT IN 2024-25; EST. A$13.9B
JUST IN: Australia's government forecasts $9.3 billion surplus for this financial year
Treasurer Jim Chalmers has delivered the 2024-25 Federal Budget. Here are the key takeaways and how it impacts you and your household. https://t.co/KUQfJkKZqn
Watch live: Treasurer Jim Chalmers’ budget includes energy bill relief and money for struggling renters. https://t.co/l1QzCsv2lY
#CriticalMinerals getting more critical to the US. https://t.co/hgrRfCiw3k https://t.co/8vdD3cX6g8
The Daily Telegraph’s Tim Blair says the federal budget is likely going to be a “spendy budget” because it is a Labor Party delivering it. https://t.co/OxdvZrl6lg
Radio 2CC host Stephen Cenatiempo has slammed Treasurer Jim Chalmers for “giving us a bit of cash” to distract from the cost-of-living crisis. https://t.co/tSiPSyGL5i
Every Australian household can look forward to help with their energy bills, with the Treasurer set to unveil a new electricity rebate in his budget speech tonight. #Budget2024 #9News https://t.co/s2AyHfs6FO
As Treasurer Jim Chalmers readies his new budget the Coalition “zeroed in” on Labor’s broken cost-of-living promises, Sky News host Chris Kenny says. https://t.co/iC11w41EBa
How should the federal government spend our money? 7NEWS speaks to everyday Australians about the issues important to them #FederalBudget2024 #costofliving #7NEWS https://t.co/UUHPKOQBKP
Treasurer Jim Chalmers will hand down the Albanese government's third federal budget on Tuesday night, with the spotlight to be on cost of living relief and the PM's interventionist Future Made in Australia policy. Follow Sky News Australia’s expert panel analysis here from…
Budget News Power bill relief for every household Commonwealth rent assistance to be increased We can set CPI back to zero here, guys! Cue Twitter rage 😡 #ausbiz
Future made in Australia 🇦🇺 In Budget focus https://t.co/WcYnEHu5a6
Shadow treasurer Angus Taylor has set down his number one test for the Albanese government ahead of Tuesday’s budget announcement. https://t.co/a7rKjHBUw7
"Budgets really are about choices, they're about priorities." "If a government can afford tax cuts for very high income earners, then obviously can afford to look after low income earners as well." - Executive Director Richard Denniss on @10NewsFirst @RDNS_TAI #auspol https://t.co/2OAEbgAQE8
TONIGHT: We break down how the government plans to spend your money. 💰 Who will be better off? Watch #9News tonight for special coverage on #Budget2024. https://t.co/9eXPGGRlaL
The release of the budget will inevitably involve a lot of political talk, but the government's plan will impact your financial situation in one way or another, so it's quite important. Here's what you need to know. https://t.co/H2H8SKHbky
Opposition leader Peter Dutton has warned Australians to expect “less money in your own pocket” as a result of Labor’s budget, claiming the government’s “magic pudding” approach to inflation will worsen the cost of living crisis. https://t.co/44FFx7VQcR
📺Live Now Dr Richard Denniss @RDNS_TAI joins @10NewsFirst with @NareldaJacobs10 ahead of #Budget2024 #auspol Watch Live: https://t.co/j5Ujvz4w8B
Nationals Senator Matt Canavan says the Albanese government has not got inflation “under control” despite their promises. https://t.co/abwUjjE2Zz
Shadow Treasurer Angus Taylor says Australians can’t afford a “third budget failure” in beating inflation. https://t.co/xDQFluQ0ye
Tonight, the government will reveal its priorities in the federal budget. Will it tackle the big issues - climate, housing & more - or will it just paper over the cracks? @MattGrudnoff & @ebony_bennett preview #Budget2024 on Follow the Money. #auspol https://t.co/5PdwLgUft8
$9.3 billion: Jim Chalmers lands the surplus double in third budget https://t.co/XdfbfJV1fX
Tonight’s budget will take a considered approach to helping with cost of living, a careful approach to reducing debt, and a courageous approach to investing in the future. #auspol @JEChalmers https://t.co/V3crhYwnSB
$9.3 billion: Chalmers lands the surplus double in third budget https://t.co/EN3gFrDqm7
The Albanese government will be handing down a “responsible” budget, which eases cost of living pressures while fighting inflation, according to Treasurer Jim Chalmers. https://t.co/iF5yBcvI06
Economists are warning Labor’s budget is set to cause homeowners more pain. Here's why: https://t.co/0F0kXCi5MU https://t.co/766o3b3LvA
⚠️ AUSTRALIA SEES SECOND STRAIGHT BUDGET SURPLUS, INFLATION EASING SHARPLY Full Story → https://t.co/wUzrmxCgZn https://t.co/TuZW3YJHe8
The budget is set to see struggling Aussies left behind, with little immediate relief for millions buckling under one particular bill. https://t.co/6eUEE0q867
Today's federal budget will deliver a $9.3 billion surplus for the current financial year ending in June. https://t.co/OeLiXhDldn
Tax cuts, housing, cost of living measures: Here's what will be in the federal budget https://t.co/oCH2g0u2Wd
Federal budget to remain in the black with forecast surplus of $9.3bn for 2023-24 | Australian budget 2024 | The Guardian by @Paul_Karp https://t.co/8XICWD4mwG
“In the great inflation forecasting challenge, with Treasury forecasting inflation to ease to 2.75% by end 2024 & the RBA having it lifting to 3.8% over the same time frame, what is most likely?” @TheKouk
Morning Australia, Its Budget Day today. watching for Jimmy to increase taxes via the backdoor, to support the seats they need to retain in Muslims area of Sydney and Melbourne. Up goes inflation again with this government, higher increase rate. @HenryLawson55 @RositaDaz48
Budget day 2024 live updates: Chalmers to forecast $9.3bn surplus; David McBride to be sentenced https://t.co/3BqpR1fwRx
The federal budget is set to be handed down on Tuesday and is expected to deliver a $9.3 billion surplus for the current financial year. https://t.co/cJ0GM9RHHt
Happening today - Australia will hand down its first back-to-back Budget surplus in almost 20 years. #9News https://t.co/Jl2jhV3Pf0
Treasurer Jim Chalmers has been tempering expectations for weeks in the lead-up, warning Australians not to expect a "cash splash". https://t.co/GR9P2cF9Oh
“For too long, U.S. policy has failed to recognize the twin economic and national security threats posed by China's domination of particular markets and supply chains, all too clearly highlighted during the pandemic." We must break away from our dependence on China for critical…
Australian Treasurer Jim Chalmers will announce the government’s books are in the black for a second straight year, putting the nation’s fiscal standing near the top of developed-world counterparts. https://t.co/z9fZV8RSQA
Inflation could fall below 3% by end of 2024, budget figures show – not next year as RBA has forecast https://t.co/VDuHIIWM89
Shadow treasurer Angus Taylor has voiced the Coalition’s budget demands ahead of Tuesday's announcement, outlining hopes for a plan to beat inflation. https://t.co/55yzIrQkC6
Tonight on #QandA ... discussing the budget we want ahead of the budget we‘ll get. The show is live on @ABCTV in AEST states in 20 minutes. Other states can stream it live on iview here: https://t.co/ImM9pxnKXs https://t.co/tCEB1f9YMG
Treasurer Jim Chalmers has admitted he hasn’t gotten a “lot of sleep” around budget time after he went for a 3:46am run on Sunday. https://t.co/Ajq7v75Zi5
Treasurer Jim Chalmers says tax cuts are not the only cost-of-living help to be featured in Labor’s federal Budget. https://t.co/wzHxiW0wvM
The economics of this Budget are multifaceted - here's a good explanation of it all 👇 https://t.co/BCKQYQ1ImB
Among a pile of budget papers deposited on the desks of journalists tomorrow will be a booklet outlining how the government's financial plans will help Australian women. Here's what you need to know. https://t.co/Ikw8Zw8uA2
Here are five charts that will help you understand some of the key stories from last week https://t.co/G71U4XVP5s
Today in Washington, where concerns about China’s supply-chain grip run deep, many U.S. lawmakers are intent on building out domestic mining capacity—and finding enough people to take part, FP’s @christinafei reports. https://t.co/H3n7JVj1Hj
Treasurer Jim Chalmers gives a sneak peek at tomorrow's budget on my Sky News show tonight. Tune in at 8pm.
Treasurer Jim Chalmers gives a sneak peek about tomorrow's budget on my Sky News show tonight. Tune in at 8pm.
Sky News Australia host Paul Murray says the government are “kidding themselves”, and the Treasurer lives in a “bubble” with the promises being made ahead of Tuesday’s federal Budget. https://t.co/amDbADZaHI
Jim Chalmers talks exclusively to Troy Bramston about his third budget to be delivered on Tuesday and the economic strategy that underpins it: https://t.co/MqzeuECLOF https://t.co/RqtYcYowtY
Being a treasurer is tricky, for personal household budgets too, and it’s worth thinking about the expenses you’d cut if you were Jim Chalmers. Take our poll: https://t.co/BT9WtKUgx9 https://t.co/SnjU6fejKK
Labor is betting it will be able to spend more on cost of living and deliver significantly lower inflation than the Reserve Bank has forecast. Here's how: https://t.co/5f9JzCtfTQ https://t.co/Tdw4SaBWS5
Anthony Albanese says Australians should be happy with the 'true Labor Party' budget, with a focus on people 'under pressure right now' and investment in the future, in an address to the Labor caucus in Canberra: https://t.co/RL6Otkdu85 https://t.co/BTmU606UrP
Former Howard government minister Peter McGauran has blasted Treasurer Jim Chalmers as being “such a salesman” because he is promising “too much” in his May budget. https://t.co/hmw1DPUja4
Former Howard government minister Peter McGauran says it is “very risky” for Treasurer Jim Chalmers to “pin the government’s political fortunes” to a prediction inflation will be two to three per cent by the end of the year. https://t.co/CZiMsklejh
Former New South Wales Liberal leader Kerry Chikarovski says if Tuesday’s federal Budget is “all about spend” it may put inflation predictions “at risk”. https://t.co/BTWeTd4kop
Former New South Wales Liberal leader Kerry Chikarovski says Treasurer Jim Chalmers is “still contemplating” doing a fourth budget ahead of him delivering his third budget on Tuesday. https://t.co/ZRocP1GqGq
Leading economists are warning Treasurer Jim Chalmers must rein in spending ahead of Tuesday's federal Budget, arguing the government needs to do more to reduce structural deficits as it risks being "insufficiently aligned" with the Reserve Bank. https://t.co/hkEsyKdBYF
Australian Treasurer Jim Chalmers is determined to press ahead with his overhaul of the Reserve Bank in the face of demands for some changes from the center-right opposition https://t.co/aWo6c1YWBy
Treasurer Jim Chalmers seems to have that “knack of getting the balance right”, says former Labor senator Graham Richardson. https://t.co/UdqCcwdDIf
Tomorrow’s budget has been described as a Labor “spend-a-thon” as the government throws billions at housing, health and young people. https://t.co/M7M8bUkpAJ
Sky News host Paul Murray blasts the Labor government’s talks about relief for cost-of-living pressures. https://t.co/aMfRWKJMM6
Tomorrow’s budget has been described as a Labor “spend-a-thon” as the government throws billions at housing, health and young people. #auspol https://t.co/M7M8bUkpAJ
Sitting down with the Treasurer on the eve of the budget 👇 https://t.co/5rzXvAprrd #auspol
Australia's budget is expected to target housing crisis as prices keep climbing https://t.co/niqq3OtKCA
Assistant Defence Minister Matt Thistlethwaite says the Albanese government is “running the right strategy” to ensure inflation moderates. https://t.co/J4FcwhI3Q9
Opinion: Jim Chalmers could well be setting the government up for a potential political catastrophe ahead of the election if Treasury’s new inflation forecasts are wrong. What's your view? https://t.co/BqpGTOV1bS https://t.co/9RMlz6TO6e
Shadow Finance Minister Jane Hume says there are “significant differences” between Treasurer Jim Chalmers and the Reserve Bank of Australia’s inflation forecasts. https://t.co/bTuUWiExPj
#Australia’s Budget Will Boost #CriticalMinerals, Treasurer Says https://t.co/sLSsErG4yI
With the long struggle against inflation, the prevailing view is that the budget will make or break the government's efforts to convince voters it has a handle on their cost of living pressures. https://t.co/WfbjDi0K2k
Inflation is expected to be falling faster than the RBA has forecast, according to tomorrow's federal budget. #9News https://t.co/49QAi0fLDQ
Treasurer Jim Chalmers has pledged to deliver a budget for young Australians, and a telling picture of his own youth has emerged. https://t.co/iMPZAiJquV
Treasury forecasts in the upcoming budget are set to differ from RBA projections. https://t.co/leRodZus1S
Jim Chalmers will put the government’s economic credibility on the line 12 months out from the election, with forecasts in Tuesday’s budget expecting inflation to hit the 2-3pc target band by December – a year faster than RBA projections. https://t.co/irunGa0Spz
Budget week The fiscal and monetary balancing act (Ellis, Westpac) #ausbiz 🇦🇺 https://t.co/gh3TlpzQ6E
Inflation has not been within the Reserve Bank’s target band for a decade. Tuesday’s budget will forecast it slipping below 3 per cent by year’s end. https://t.co/vacA2jAkr0
Australia’s Treasury is forecasting that inflation could drop below 3% before the end of 2024 — earlier than previous predictions https://t.co/9X1TeewEtd
⚠️ AUSTRALIA SAYS INFLATION COULD EASE TO RBA TARGET RANGE BY YEAR END Full Story → https://t.co/v8XbWgoTTl https://t.co/wTjHjdREXk