Budget 2024-25 : Cost of living sweeteners for everyone

Photo- @JEChalmers

By Neeraj Nanda

CANBERRA/MELBOURNE, 14 May 2024: Treasurer Jim Chalmers today presented his third budget, with plenty of sweeteners including the $ 300 energy relief and tax cuts for all Australians. There is rent relief, more for the care economy, manufacturing, HECS relief, and much more. Australia’s 2.6 trillion economy, the Treasurer says, will see cut in inflation, though shadow treasurer Angus Taylor told ABC News, he has doubts it will happen with subsidies leading to more spending.

In his budget speech Jim Chalmers detailed his main priorities as – helping with the cost of living, building more homes for Australians, investing in a future made in Australia – and the skills and universities we’ll need, to make it a reality, strengthening Medicare and the care economy, and responsible economic managementwhich, he said, is set to produce another surplus and help fight inflation.

“The budget delivers for everyone,

A tax cut for every taxpayer.

Wages growing in every industry.

A better deal for every working parent.

A fairer go at every checkout.

New help with energy bills for every household and for small business.

Stronger Medicare in every community.

More homes in every state and territory.

More opportunities in every TAFE and University.

A dignified retirement for older Australians.

Energy and industry policies that help bring the jobs of the future to every corner of our country.

An economic plan where growth and opportunity go together.”

READ FULL BUDGET SPEECH

BUDGET 2024-25  SITE

The Shadow Treasurer in a swipe reaction on ABC News called it a political budget designed for an election , with lot of spending triggering inflation, but added,  we will support them, though they will not deliver.

The ACTU in a media release tonight said, ” The Labor Government’s 2024 Budget is a good budget for working people, with wages forecast to rise, commitments to pay increases in the care economy, cost-of-living support on top of the July 1 tax cuts, and a historic commitment to the jobs we need, including manufacturing jobs in Australia”.

Greens leader Adam Bandt told ABC’s 7.30 program that the budget steps are ‘band-aid measures”.

Labor found $764 billion for defence, but couldn’t find a cent to raise the rate of JobSeeker. They’re taxing big gas companies less, and giving more to private schools. It’s just not fair the Greens say.

“Jim Chalmers’ decision to focus on a surplus in a cost-of-living crisis will harm people. The government’s $9.3 billion surplus could fund a rent freeze, put mental health into Medicare, or give every Australian in poverty over $3000 in cost-of-living support – instead, a surplus is just a political talking point for Labor’s re-election campaign, he said in a statement.

Uniting Care Australia said, ” We welcome the commitment to fund a pay rise for aged care workers and the extra $87 million for workforce, recognising the important role they play in caring for older Australians. We also welcome the 24,000 homecare packages announced tonight, but we remain deeply concerned for the 50,000 Australians still waiting.”

“A strategic investment in powerfully increasing diversity in science, technology, engineering and mathematics, a review of the R&D system, and a pathway to incentivising business to help the country reach a 3% of GDP target for R&D and secure the nation’s future are welcome initiatives in tonight’s Budget.,” said Science & Technology Australia.

AMA President, Professor Steve Robson said, ” We’ve seen some welcome things. We’ve seen increased rebates for patients, women who have endometriosis and chronic pain, and that’s very important. It tells us that the government values women. We’ve also seen some modest indexation in the rebates available to patients for some pathology tests. That’s a step forward after decades of a total lack of indexation.”

Professor Robson said the AMA was disappointed the federal government, together with the states and territories, had not detailed how they would tackle the blowout in planned surgery waitlists in public hospitals. 

 

 

By Neeraj Nanda

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