1/4/2024 0 Comments 2022 government budgetOnce again we are reminded of the solidarity that living on this harsh land demands of our people and our communities. Speaker, as we were finalising this Budget, floods were once again tragically taking lives, wrecking homes, shutting businesses, disrupting livelihoods, and pushing up the cost of living. When that inflation moderates, real wages are expected to start growing again in 2024. Wages are growing faster now than they were before the election, but that welcome news is tempered by rising electricity prices and grocery bills eating into pay packets. Inflation is expected to peak at 7 ¾ per cent later this year, before moderating over time, to 3 ½ per cent through 2023–24, and returning to the Reserve Bank’s target range in 2024–25. The hit to growth will have an effect on employment, but jobs will continue to be created, and unemployment is expected to stay low by historical standards – at 4 ½ per cent in 2023––25. Our economy is expected to grow solidly this financial year, by 3 ¼ per cent – before slowing to 1 ½ per cent growth for 2023–24, a full percentage point lower than what was forecast in March. Global challenges, along with high inflation and higher interest rates, will have an impact. In this uncertain environment, we are pleased and proud that Australia has plenty going for us, including low unemployment and good prices for our exports.īut while we intend to avoid the worst of the turbulence from overseas, we cannot escape it completely. The global economy teeters again, on the edge – with a war that isn’t ending, a global energy crisis that is escalating, inflationary pressures persisting, and economies slowing – some of them already in reverse.Īll of this is now reflected in the updated forecasts for global growth – downgraded since the March Budget for this year, next year, and the following year. Speaker, this is a solid and sensible Budget – suited to the conditions.Īustralians know this is a time of great challenge and change. More affordable housing, and a future made in Australia.Fee-free TAFE and more university places.Better access to health care, cheaper medicines, and a better standard of aged care.Cheaper child care, and more Paid Parental Leave.That’s why this Budget pays for what’s important, strengthens our buffers against adversity, and begins to build a better future. One that puts a premium on what’s responsible, affordable, and sustainable. This time not a financial crisis or a pandemic, but a war driving high prices and higher interest rates here and around the world, and the risk of another global recession. Speaker, we now confront the prospect of a third global downturn in a decade and a half. It recognises that our best defence against uncertainty around the world is responsible economic management here at home. And it begins the hard yards of Budget repair.It targets investments in a stronger, more resilient, more modern economy.It provides cost of living relief which is responsible, not reckless – to make life easier for Australians, without adding to inflation.In this same spirit, our Labor Government’s first Budget does three things: Optimistic and confident in a better future. Practical and pragmatic about the challenges we confront. The Australian people have demonstrated the best of our national character. Through a devastating pandemic, through a succession of dangerous and damaging natural disasters, through global uncertainty and painful price rises – It delivers on the priorities of the Australian people, and it repays their faith in a new government. Speaker, this is a responsible Budget that is right for the times and readies us for the future. To the Yagara and Yugambeh lands of Logan – and around Australia.Īnd we commit to a Voice for First Nations people. Speaker, from the Ngunnawal and Ngambri lands of Canberra. I move that the Bill now be read a second time.
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