Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 15-May-24

The 2024 budget papers show that the federal government expects to post a surplus of $9.3bn for 2023-24. However, there will be a combined budget deficit of $122bn over the forward estimates period. Meanwhile, the budget features $7.8bn of new spending on cost-of-living relief, headlined by a $3.5bn energy rebate; this will provide every household with a $300 credit on their electricity bill, to be paid in four quarterly instalments. Treasurer Jim Chalmers says the cost-of-living measures will reduce the inflation rate by 0.75 of a percentage point in 2024 and 0.5 per cent in 2025. The Treasury expects inflation to fall to 3.5 per cent by June and 2.75 per cent by mid-2025.

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AUSTRALIA. DEPT OF THE TREASURY