AusPol / 21 September 2022
The slow Budget reveal…
Another thing to put in your diary is Wednesday next week when the Albanese Government releases the full budget outcome for the previous financial year. And before you get too delirious with excitement at the prospect of getting the final take on the books for 2021-22, Treasurer Jim Chalmers and Finance Minister Katy Gallagher came out with a teaser yesterday. The federal coffers have received a $50 billion boost since March, driven by lower spending by Team Morrison and high commodity prices. Having said that, the deficit is still expected to be upwards of $30 billion, and there’s a dip ahead with prices for iron ore/gas/coal and all that expected to soften. And when it comes to Aussies’ hip pockets, Chalmers says the return to the full rate of fuel excise next week shouldn’t bite immediately. Mid-October is when we’ll be able to notice the extra 22c/litre. Maybe plan for a trip to the petrol station to fill ‘er up before then too…
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