Budget to focus on temporary cost-of-living support

May 01, 2023 09:45 AM AEST | By AAPNEWS
 Budget to focus on temporary cost-of-living support
Image source: AAPNEWS

The budget is in better shape than expected as the federal government promises temporary cost-of-living support but remains coy on other priorities such as lifting JobSeeker. 

The government has been under pressure to substantially lift income support payments above $49.50 a day as recommended by its own economic inclusion committee.

Lifting the payment in line with the committee's suggestions has been labelled unaffordable for a budget under pressure from several fast-growing spending areas but action on some of the 37 recommendations remains on the table. 

Industry Minister Ed Husic said there would be short-term relief in the budget and lifting JobSeeker was an important "longer-term" project. 

"We've got some short-term measures that we're looking to announce to be able to give people cost-of-living relief. But there is a longer-term consideration that needs to be given, clearly, and we will do that in due course," he told ABC News. 

Asked if the government would begin the task of reducing poverty in the May budget, Finance Minster Katy Gallagher reiterated there would be a cost-of-living package targeted at Australia's most vulnerable.

"That's what you would expect from the Labor government," she told reporters in Canberra, noting the details would be revealed in the budget in just over a week. 

Several Labor backbenchers want a boost to the income support payment alongside many other politicians, academics and social welfare advocates.

The government is also expected to lift the age threshold for single-parent payments in the May budget above the current cut-off point when children turn eight.

The budget is in a healthier position than expected thanks to surging tax revenue from high commodity prices and a record number of Australians in work.

The finance minister also said a spending audit would help deliver a significant improvement to the bottom line.

Nationals frontbencher Barnaby Joyce said the previous government needed some credit for the strength of Australia's economy.

"If the budget gets to a surplus ... maybe it's the last 10 years of government that helped it get there," the former deputy prime minister told Seven's Sunrise.

Mr Joyce also said soaring export prices added to the bottom line, with iron ore revenue significantly higher than forecast in the last budget.

"If the budget is a surplus you can thank coal miners and gas exporters and iron ore exporters," he said. 

A review of Australia's $120 billion infrastructure pipeline, announced on Monday, is also expected to deliver budget savings down the track. 

The government says many of the 738 projects have been delayed, cancelled or underfunded.

Also on Monday, the government announced $60 million for Canberra's iconic Questacon science centre.

The money will go to upgrading exhibits for the 150,000 school children who visit the institution annually and helping Questacon take its projects on the road to regional communities.

Visitors can expect to pay about the same amount for entry into the building once the work is complete.

The federal budget will be handed down on May 9.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.