Australia's center-left Labor government said it would include nearly $10 billion over four years in the federal budget for cost-of-living relief for families and businesses, which it promised would not stoke inflation
The plan is designed to directly ease price pressures and inflation, the federal government said, which has eased in the first quarter but still sits near 30-year highs of 7.0%.
"The centrepiece of the budget ... will be cost-of-living relief that doesn't add to inflation," Treasurer Jim Chalmers said in a statement, ahead of Tuesday's federal budget. "People are under the pump. We've carefully calibrated and designed this Budget so that it takes pressure off the cost-of-living rather than add to it."
The government is set to unveil in the budget financial assistance for more than 5 million low-income families, small businesses and pensioners struggling with high power bills. Chalmers has repeatedly stated his budget would be restrained on spending so as not to add to inflationary pressures, while also giving some relief, after the Reserve Bank of Australia last week stunned markets with a rate rise, defying trader expectations for an extended pause.given low productivity growth, rising energy prices and a surge in rents.
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