Latest News Bulletin: Federal Budget, Military Support for Ukraine, and Socceroos Victory
Labor’s Pre-Election Budget Focuses on Cost of Living Relief and Tax Cuts
In a bid to improve living standards and provide relief to Australian households, Treasurer Jim Chalmers has unveiled Labor’s pre-election budget, which focuses on cost of living measures and tax cuts.
The biggest highlight of the budget is a tax cut for every taxpayer, with Labor planning to reduce the tax rate of the lowest tax bracket from 16 per cent to 15 per cent from July 1 next year. This will further decrease to 14 per cent the following year, putting more money back into the pockets of Australians.
Additionally, the budget includes other cost of living relief measures such as a $150 energy bill relief for every household, cheaper medications, and funding towards Medicare. These handouts will result in a $27 billion deficit this financial year alone, but Dr. Chalmers emphasizes that the budget is focused on addressing the pressures households are facing.
The plan is expected to cost the government $17 billion over the next three years, but Dr. Chalmers believes that these tax cuts will make a significant difference for average earners, putting an extra $536 in their pockets each year when fully implemented.
In other news, the government has allocated $17 million in the budget over two years for military aid to Ukraine, continuing its support in the country’s defense against the Russian invasion. Australia has committed more than $1.5 billion to Ukraine since the invasion in 2022.
Meanwhile, the Socceroos have secured a crucial 2-nil victory over China in a World Cup qualifying match, moving closer to qualifying for the 2026 World Cup. With first-half goals from Jackson Irvine and Nishan Velupillay, Australia now sits in second place in the group stage, three points ahead of third-placed Saudi Arabia.
Overall, Labor’s budget aims to provide much-needed relief to Australian households while also continuing support for Ukraine and achieving success in international sports competitions.
