Finance Minister Katy Gallagher’s spending audit has found $50 billion in savings and redirected spending over the last two budgets. Economists say more needs to be done.
Finance Minister Katy Gallagher’s $50 billion spending audit will continue in the May 14 budget, but economists warn the federal government will need to go further to avoid any new spending hampering the Reserve Bank’s efforts to bring inflation down.
“Looking across government for responsible savings to reinvest in higher quality spending is what Australians expect a responsible government to do.”in the 2022-23 October budget, including $2 billion in cuts to grant programs such as the computer car park fund and the axing of theThe federal government subsequently found $17.8 billion in savings and reprioritisations in the 2023-24 budget, and another $9.8 billion in the 2023-24 Mid-Year Economic and Fiscal Outlook late last year.
Additional support for households doing it tough in the face of high interest rates would also just undo the work of the Reserve Bank, Murphy said. Angela Jackson, lead economist at Impact Economics, said these were difficult economic times and it was not possible for the government to spend its way out of the challenge.
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