Even as people throughout the nation struggle to keep up with the rising cost of living, Anthony Albanese thinks Australians will be happy to hear that the federal accounts are in a surplus that is about five times bigger than what was anticipated on budget night.
According to federal department of finance records made public yesterday, the budget surplus rose from the $4.2 billion number revealed by Treasurer Jim Chalmers on budget night to $19 billion by the end of May.
In 2007–2008, Australia recorded its highest-ever surplus of $19.8 billion.
The prime minister stated that a strong economic position will assist reduce inflation while speaking on Saturday in Sydney.
The responsible economic management of this administration is to blame for it, Albanese stated.
“It’s encouraging that we’ve changed a $78 billion deficit that the Liberal National Party government had predicted just over a year ago into a surplus of more than $4 billion.
It will relieve inflationary pressure. And the government is committed to carrying it out.
When questioned about the stark contrast between households’ struggles with the cost of living problem and the enormous boost to the Commonwealth’s bottom line, Albanese cited a number of relief measures that were announced in the budget that went into effect today.
We are aware of the burden caused by rising living expenses, he remarked.
But these actions will actually have an impact. $3 billion will be spent by the federal government, the states, and the territories to reduce energy costs, provide more affordable child care for 1.2 million families, boost paid parental leave, and lower the cost of medications.
“All of these will have an impact on the pressures that families face due to cost of living.”
However, the opposition has criticized the administration for not doing enough to address growing power rates, as electricity prices are set to increase nationwide as of right now.
Ted O’Brien, the shadow energy minister, said that Australians would pay the highest electricity bills they had ever experienced.
“I think Australian families will look at the federal budget and say that it is good that we have a government that is implementing responsible budget management to put that downward pressure on inflation,” he said.
“They understand the significance of competent federal economic policy and how it benefits families in the long run…
“Our energy price relief plan alone will result in a reduction in inflation of three-quarters of a percent.”
