![]() ![]() The amounts are different, depending on price pressures, depending on the state programs, the delivery is a little bit different, but more than 5 million people will get up to $500 off their electricity bill, their winter electricity bill, and that will make a difference.īut you have to be on one of these payments to receive the help? But one of the reasons why it's taken us a little while to get it together is because we've had to do these deals. Well, the eligibility differs a little bit because we've had to do eight deals with eight different states and territories, but largely, people on pensions and payments, people who are already eligible for state programs, in addition to, depending on the state and territory, others for example, people on family payments. So, 5 million households and 1 million small businesses will receive this energy bill relief. This Budget has been carefully calibrated and carefully designed to take the pressure off the cost of living, not add to inflation. Well, I don't speak on behalf of the Reserve Bank Governor, at every step of this Budget, the remarkable restraint we've shown, the investments in the supply side of the economy, and the way we've targeted and staged our cost‑of‑living package, all of that is because inflation is the biggest challenge in our economy. Some of it is the cost‑of‑living package, but in areas, for example, energy bill relief, which will put downward pressure on the inflation forecast, because it makes people's bills lower than they would otherwise be, the combination of our gas and coal caps with our energy bill relief is expected to take three‑quarters of a per cent off the inflation forecast next year.īut the other changes in JobSeeker, rent assistance, the GP bulk billing incentive, all of these things, can you give any sort of guarantee that this all won't lead to higher interest rates? Some of this –īut a lot of this is your cost‑of‑living package? And I've explained that some of that is unavoidable legacy spending left to us by our predecessors, unfunded ongoing programs. Now, it is necessary –Īnd I'm not arguing that, I'm just pointing to the extra spending that you're putting into the economy. You know, this is an historic turnaround in the Budget, which wouldn't be possible were it not for the historic restraint that we've shown in banking 82 per cent of the upward revision in revenue, 87 per cent over two Budgets, we wouldn't be within cooee of a forecast surplus this year were it not for the responsible economic management that we've shown. But I invite you to look at the Budget in its entirety. Well, it partly depends on how you spend it, not just the magnitude of the spend, but the quality of the spend. Just explain to me how that's not putting more money into the economy and pushing up inflation? The point is, don't you need to offset that extra spending to avoid impacting inflation? I mean, as I say, it's a $12 billion net increase in the coming year, more than $20 billion over the four years. The structure of our small business package and a little bit of the cost‑of‑living package is in 23‑24. ![]() And the reason why there's some spending in 23‑24, frankly, is because there are a whole bunch of unfunded, ongoing programs that we had to fund, some COVID liabilities as well. We're making the job of the independent Reserve Bank easier by taking seriously this inflation challenge - big investments in the supply side of the economy, responsible economic management, banking 82 per cent of the upward revision to revenue, and also making sure that our cost‑of‑living package is delivered over time in the most responsible way. Are you making the Reserve Bank's job harder?Ībsolutely not. Your Budget tonight pumps more than $20 billion into the economy, most of that in just the coming year. ![]() Look, as you said tonight in the speech, inflation is the primary challenge confronting the economy, and certainly households as well. And thank you for rushing out of the House of Reps chamber to be with us. ![]()
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