Treasurer Jim Chalmers presented the Albanese government's first budget since taking office, calling it "a responsible budget that is right for the times and readies us for the future."
- The deficit will increase before it decreases:Following a federal budget that positioned a "premium on restraint" to avoid igniting the inflationary fire but did not make a constructive start on long-term fiscal repair, the deficit will be worse in ten years than it is today.
- Electricity costs will increase… and continue to rise: Anthony Albanese's pledge to cut the average household electricity costs by $275 by 2025 appears to be doomed.The pre-election promise was included in Labor's Powering Australia plan, which predicted a $275 or 18% price cut in 3 years and a $378 drop by 2030.There is no immediate cost-of-living relief to be found: Australians facing cost-of-living pressures have received little relief, but it was the only option Dr Chalmers had to try to control inflation. Dr Chalmers avoided sugar hits that would have undermined the Reserve Bank's inflation strategy by not including cash handouts or tax offsets for working families in the Budget.
- There have been significant housing promises: The government has committed to assisting in the construction of one million new homes over a five-year period beginning in 2024, with the private sector bearing the majority of the cost.
