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Budget 2024 live updates: federal treasurer Jim Chalmers hints at low income relief ahead of budget announcement speech tonight – latest news

Budget 2024 live updates: federal treasurer Jim Chalmers hints at low income relief ahead of budget announcement speech tonight – latest news



Treasurer will be able to boast back-to-back surpluses when he speaks on Tuesday night. Follow live updatesFederal budget to remain in the black with forecast surplus of $9.3bn for 2023-24What makes someone rich? Find out how your income and wealth compares | InteractiveGet our morning and afternoon news emails, free app or daily news podcastNick McKim said he agrees with EY chief economist, Cherelle Murphy, who says that you can look after people without impacting inflation by taking the money you are spending on people who don’t need it, and redirecting it to people who do. (Therefore it is the same pool of money, but targeted differently.)McKim:For example, you could end the massive tax breaks for property investors who own multiple investment properties then put in place a rent freeze and a rent cap, for example.You could tax billionaires and CEOs on the basis of their wealth and you could use that revenue to raise income support, which would lift a large number of Australians out of the grinding poverty that they experience every day.No, certainly not. I mean, what the surplus shows is that they’re prioritising their own political benefit over investing in the kind of programs that would provide genuine help to people who are really doing it tough at the moment.So what you’re going to see in the budget tonight is that having talked up an absolute storm on things like climate change and on things like cost of living, Labor is simply not prepared to take the action necessary to respond to those challenges that the urgency and the scale that is required. Continue reading…

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Source link : https://www.theguardian.com/australia-news/live/2024/may/14/budget-2024-live-updates-australia-federal-treasurer-jim-chalmers-speech-australian-government-anthony-albanese-labor-cost-of-living-latest-news

Author : Amy Remeikis

Publish date : 2024-05-14 00:45:09

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Tags : The Guardian

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