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Pro-Palestinian encampment at Dalhousie University - May 13, 2024 | SaltWire #news #halifax #protestSYDNEY - Australia's government will boast a second consecutive budget surplus on Tuesday, courtesy of strong employment and high commodity prices, giving it cash to afford more cost of living relief and industry incentives.
Details on the costs of living relief are not clear yet, but the government predicts inflation could ease to the central bank's 2-3% target band by the end of this year, helped by measures Canberra plans to introduce to cool prices. "Another surplus is a powerful demonstration of Labor's responsible economic management, which makes room for cost-of-living relief and investments in the future," said Chalmers.
The ambitious inflation projections come as Prime Minister Anthony Albanese's government faces growing criticism over soaring prices for household goods and services. A surprisingly strong first-quarter inflation report has also raised the risk of another rise in interest rates.
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