Federal budgets are always a balancing act, but can Jim Chalmers keep the economy afloat and inflation at bay?
ABCFederal budgets have always been a juggling act, an attempt at trying to balance competing interests. Budget forecasts faster inflation drop than expected by RBA Photo shows Katy Gallagher and Jim Chalmers walk on the grass on top of Parliament House The outlook for Australia's economic growth is worsening and inflation forecasts remain uncertain as the federal government battles to simultaneously spur growth and rein in rising costs. According to the yet-to-be-released budget papers, inflation will land at 3.5 per cent by the end of this financial year, down from the 3.75 per cent prediction in the mid-year budget update and well below the RBA's forecast last week of 3.8 per cent. In even better news, the rate of consumer price increases will drop to 2.75 per cent by the end of next financial year, way below the RBA's 3.2 per cent forecast. The budget is in surplus but households are still struggling Photo shows Treasurer Jim Chalmers holds a copy of the 2023-24 federal budget strategy and outlook book in front of the media Just a few months back, the number crunchers had pencilled in a shortfall of $32 billion for the nation's finances.
History of this topic
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