Budget

The Labor government's first budget won't be the only focus of federal parliament this week. (Mick Tsikas/AAP PHOTOS). All eyes will be on Treasurer Jim ...

The upper house will also debate the establishment of an agency called Jobs and Skills Australia, while incentives for pensioners to downsize and discounts on electric cars will also be discussed. Amendments to the defence home ownership assistance scheme and veterans' affairs will also be brought forward. The government will also introduce legislation to crack down on data breaches.

One of Labor's hallmark election promises was to make childcare cheaper by increasing the subsidy for most Australian families. The Albanese government has ...

In an Australian first, a chapter of the budget will be dedicated to well-being and will outline how the government plans on measuring well-being as it moves forward. He's already said it will probably be necessary for the next few years to spend more money into the community than the government will raise in taxes, and that will be recorded as a budget "deficit". He's said the floods in NSW, Victoria and Tasmania can be expected to increase the price of food significantly later this year. It said the tax reduction was costly and it was only designed to be a temporary reduction as part of the Morrison government's re-election pitch. But the government plans to add two extra weeks to the program in July 2024, then another two in July 2025, and another two in July 2026. The treasurer has also said his budget will not only measure GDP, it will also measure well-being. It means our tax returns for the 2021-22 financial year will be the final one where workers earning under $126,000 will be receiving up to $1,500 as a tax offset. The Albanese government has already introduced legislation to parliament to increase the subsidy for early childhood education for 90 per cent of families who earn up to $80,000 a year. The government has also announced the Australian Competition and Consumer Commission (ACCC) will conduct a 12-month inquiry into the rising costs of childcare. Currently, the scheme grants 18 weeks for the primary caregiver, paid at the minimum wage, and two weeks for the partner (20 weeks in total for a couple). It plans to stagger the increase over time, adding two extra weeks to the program every year. The Labor government plans to increase Australia's paid parental leave scheme to 26 weeks.

Australia's Labor government will unveil its first budget on Tuesday as economic growth slows both at home and abroad, emphasizing its spending will focus ...

Budget papers are set to show gross domestic product (GDP) growth for the fiscal year ending June 30, 2024 will be downgraded to 1.5% from the 2.5% forecast in April. "This budget will be solid, sensible and suited for the times. The treasurer's office did not immediately respond to a request seeking comment. The budget deficit will be much smaller than first feared thanks to high prices for many of Australia's major commodity exports and a surprisingly strong labour market. GDP growth is also due to be downgraded to 3.25% from 3.5% for 2022-2023, according to draft figures from the Treasury on Monday. Register now for FREE unlimited access to Reuters.com

Jim Chalmers' first budget to reveal $42bn improvement to bottom line across forward estimates but conditions will deteriorate after two years.

“October was always intended to be the beginning of that conversation and not the end.” The budget will reveal the cost of interest payments on government debt is set to grow at about 14% a year on average over the next four years, with defence spending to grow 4.4% annually, hospitals 6.1% and aged care 5%. “Our responsible approach to revenue upgrades means the budget bottom line will be more than $40bn better over the forward estimates in aggregate, and debt will be lower than previously forecast,” he said in a statement ahead of Tuesday’s budget. Chalmers said that the improved deficit was the result of the government banking most of the revenue gains, saying a responsible budget was the best defence in “times of extreme global volatility and uncertainty”. This means that deficits will be worse in the out years than previously forecast as a result of “substantially higher” spending than forecast on the cost of debt, healthcare, aged care and the National Disability Insurance Scheme (NDIS). However, the improvement – to be revealed in Jim Chalmers’ first budget on Tuesday night – will be short-lived, with worse-than-expected deficits by the end of the forward estimates as a result of growing spending pressures.

The government should run a deficit to support demand when the economy is weak. And run a surplus to take heat out of the economy when it's strong.

[ASX: QAN](https://www.fool.com.au/tickers/asx-qan/))!), with nothing in return, when a company survives and then thrives. Speaking of which, the next thing I’d like to see is the end of negative gearing (but have the existing program grandfathered) for the purchase of existing housing. (So should households, by the way: if you haven’t already, you really should see if solar panels are right for your place… And indexing could actually be much better for truly long-term investors – doubly so in high(er) [inflation](https://www.fool.com.au/definitions/inflation/) environments. it’s about the kids. And run a surplus to take heat out of the economy when it’s strong. The hole is too deep to fill in during one year, or even one term of government. But I’m far from convinced ‘ever more houses’ is the answer, particularly if we haven’t had the national conversation about the rest of those considerations. We collect a little in resource levies and company taxes, and use that for… I’m sure there are other things that the country needs and should do!) And allergic to taxes that we might not like. And the speeches are being given their final polish.

“There's been a fair bit of interest in the work that's being done on the spending audit across government,” Finance Minister Katy Gallagher said on Monday (24 ...

“So, yes, it’s an ongoing piece of work in short, and I think the other thing I’d say is … “My view as Finance Minister is that this is a process that should keep going. But this spending audit should keep going,” Senator Gallagher said during one of her many pre-budget promotional interviews.

Federal budget 2022 live updates: Jim Chalmers flags affordable homes plan; Lidia Thorpe says 'I'm not going anywhere'. Treasurer says Tuesday's ...

There is a certain poignancy and that, though if any of my children stand for parliament I know it will be time to get my affairs in order. Since Covid, the lockups happen in our office, so we know where the bathrooms and emergency proceedings are. So many remembrances have noted that he was a gentleman, that he was gracious and gentle. Or ask a colleague in the lockup. I’m sure that will be offered in a bipartisan way and I think the opposition for that. If they are asked to evacuate, please do so, the authorities are acting upon the advice of the experts and we will continue to, as a government, continue to offer every support possible. But remember, one day you will be out, that it will be over and be ready for that too. I learned from him then that when you are in parliament, make the most of it. in the hours, days, weeks, months in the aftermath of these natural disasters. In light of this I resigned as deputy leader in the Senate. referred to before, the support we provide[d] to communities … For those Australians facing the prospect of rising waters, please continue to heed the advice of emergency services, especially when given rain forecasts and are likely wet summer ahead.

The federal government has already pledged $10 billion to its Housing Australia Future Fund, which it says will deliver 30,000 social and affordable homes in ...

"I've been working really closely and really hard with superannuation and other investors ... The budget, to be delivered in parliament by Dr Chalmers at 7.30pm AEDT, will also flag new measures of "wellbeing" and outline a package of support for women. But Dr Chalmers said the $548 billion to be spent on health and aged care across the next four years was one of the huge pressures on Australia's budget. "We want to take pressure off emergency departments, we want to strengthen Medicare, we want to fix the crisis in aged care," he said. Dr Chalmers said reaching the one million homes target would tackle one of the biggest challenges facing the nation and its economy. Building one million new homes will be the target of a Labor plan to bring together governments, the construction industry and super funds to boost investment in affordable housing.

'Historic' accord includes state and federal funding commitments for 20000 new affordable dwellings.

The Queensland government, meanwhile, recently announced $2bn to deliver 13,000 social and affordable homes by 2027. It is also hoping to increase homeownership in the state by tripling the size of its Victorian Homebuyer Fund to $1.1bn. In 2020, the Victorian government announced a $5.3bn “big housing build” to fund 12,000 new social and affordable homes in four years. Earlier this year, it announced a levy on developers to fund 1,700 new social and affordable homes each year after the end of the big build, but it was “We want more Australians to know the security of decent housing and more Australians realising the aspiration of homeownership,” he said in a joint statement with the housing minister, Julie Collins. A national plan to build 1m new homes before the end of the decade will be announced in the federal budget as part of a historic agreement between governments, investors and the construction sector.