/ 15 March 2024

Chalmers budget forecast

Image source: AAP
Image source: AAP

Looking to get ahead on pulling together your 2024 Budget Bingo cards to share with your nearest and dearest? Treasurer Jim Chalmers gave his preview of the May Federal Budget yesterday, and the main phrase was “no big cash splashes”… Chalmers says there won’t be any big surprises because the government’s big policy priorities have been announced – things like the revamped Stage 3 tax cuts, the new paid parental leave/super policy and funding for remote housing. But he says Aussies can still expect “additional cost-of-living help in the Budget – but it won’t be anywhere near the magnitude of the tax cuts”. That’s likely because Treasury expects a drop in Australian iron ore prices and a weaker labour market to hit the economy… Today, Chalmers will gear up for a battle with the states over divvying up GST funds. NSW Treasurer Daniel Mookhey will demand a shake-up (paywall) of the federal policy, arguing richer states like NSW and WA shouldn’t have to prop up poorer ones.

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