Treasurer Jim Chalmers has unveiled his federal budget for the next financial year, and announced a budget surplus for the second consecutive time - the first time that's happened since before the Global Financial Crisis in 2008.
Federal Treasurer Jim Chalmers before handing down the 2024-25 Budget in the House of Representatives at Parliament House in Canberra, Tuesday, May 14, 2024. AAPTreasurer Jim Chalmers has unveiled his federal budget for the next financial year, and announced a budget surplus for the second consecutive time - the first time that's happened since before the Global Financial Crisis in 2008.
"This is a Budget for the here-and-now and it’s a budget for the decades to come. It’s a responsible Budget that helps people under pressure today – and invests in the promise and potential of the more prosperous future we can make together. ""It’s framed in fraught and fragile global conditions. The world economy is resilient in parts but subdued overall.
"Treasury is now forecasting inflation could return to target earlier, perhaps even by the end of this year. At the same time, around 780,000 jobs have been created under this Government, a record for any first term. This is stronger jobs growth than in any major advanced economy. " The Government’s planning to invest 9.5 billion dollars in infrastructure over the next four years as part of a total projected spend of 16.5 billion over ten years.
"Mr Speaker, One of the best and most important things about our country is the way we look out for each other and look after each other. Our health system and our care economy are central to this. That’s why, in this Budget we are: Strengthening Medicare, and mental health; Delivering better, stronger aged care; Making the NDIS fairer and more sustainable' and boosting wages in the care economy.
But at the same time, the government acknowledged that during that time, the NDIS was left to grow in a rapid, haphazard way, with unchecked fraud and inadequate regulation and safeguarding.
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