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Australia news live: Chalmers says budget will pay down more debt; families of Bondi shooting victims to take stand at royal commission
TL;DR
Australia's Treasurer Jim Chalmers announced that the upcoming budget will focus on significant savings and debt reduction, marking it as the most responsible budget yet. This will be the second consecutive budget where the government claims to have saved more than it has spent.
Key points
- Jim Chalmers announces bigger savings in the upcoming budget
- Budget aims to pay down more debt
- Second consecutive budget with savings exceeding spending
Mentioned in this story
Jim ChalmersAlbanese Government
The government is boasting of making bigger than usual savings in next week’s budget, with Jim Chalmers saying his fourth budget will have “more restraint”.
The treasurer said:
double quotation markResponsible economic management has been a hallmark of this Albanese Government and the May Budget will be our most responsible yet.
It’s understood next Tuesday’s budget will include a bigger than usual gross saving, and represent the second consecutive budget where the government says it has saved more than it has spent. Any upward revisions to revenue will also be banked, in an effort to pay down debt and improve the budget bottom line.
Chalmers said:
double quotation markWe’re getting the budget in better nick because that helps to fund the things that Australians need and deserve like Medicare, aged care and cost-of-living relief.
In this Budget you’ll see more responsible economic management and more restraint from the Albanese Government.
Amidst concern about inflation, and the effect of government spending on it, Labor says it is seeking to keep real spending growth in check.
Welcome to your Monday live news blog. I’m Stephanie Convery and I’ll be with you until early this afternoon.
The Australian government claims it will be making bigger than usual savings in next week’s budget, with treasurer Jim Chalmers saying his fourth budget will have “more restraint”.
The royal commission into antisemitism begins its public hearings this morning, with families of victims of the Bondi terror shooting to be among the first witnesses called.
And Japan’s prime minister Sanae Takaichi has arrived in Australia for her first visit as leader as the two nations seek to shore up energy and defence ties. She’ll meet with Anthony Albanese in Canberra today.
Make yourself a coffee, and I’ll bring you more on all of these stories shortly.
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Q&A
What are the key features of Australia's upcoming budget?
The upcoming budget will focus on larger than usual savings and aims to pay down more debt, emphasizing responsible economic management.
How does Jim Chalmers describe the government's budget management?
Jim Chalmers describes the government's budget management as responsible, stating that the May Budget will be the most responsible yet.
When will the new Australian budget be announced?
The new Australian budget is set to be announced next Tuesday.
