Australia’s debt-laden households need the treasurer to keep federal spending in check.
Treasurer Jim Chalmers will deliver his third budget on Tuesday and the traditional routine of pre-budget announcements is in full swing.debts, invest hundreds of millions of dollars in the new Future Made in Australia scheme and spend almost $1 billion assisting those fleeing domestic violence. More favourable announcements are undoubtedly in store.
While interest rates are expected to remain unchanged for the moment, more bad news on inflation will increase the risk of further hikes.households with a mortgage already have an average of $10,300 less to spend on non-essentials compared with 2020, thanks to inflation and higher interest rates. Chalmers claims next week’s budget will “strike the right balance” between getting inflation under control, easing cost-of-living pressures and supporting economic growth.He is right, this is not the time for slash-and-burn austerity. But there are worrying signs federal spending will not be sufficiently restrained given the inflationary risks.
He said this resulted from “smaller revenue upgrades, the need to make room for unavoidable spending pressures, and investments in the future drivers of growth in our economy”.
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