/ 19 July 2022

Bruising Budget reality sinks in…

Image source: AAP
Image source: AAP

Treasurer Jim Chalmers will deliver a Budget update on Thursday next week as rising inflation, interest rate hikes, and rising COVID cases change the game for the federal government, businesses and punters like us. It comes with a warning we’ll need to brace ourselves because Chalmers says it’s “confronting” – much like our recent electricity bill… We’ll get an update on the nation’s key economic forecasts, and the OMG moment for many will be the extent of the anticipated hit to real wages, he says. Long story short, wage slaves need to get used to the rise in prices to outstrip wage increases for a while yet. A total Budget redo will come in October when the Albanese Government puts its stamp on spending – and, more pressing, saving. Sussan Ley is acting Coalition leader – she says the times, not the Morrison Government, are the blame for the tricky economic situation.

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