Australia’s Treasurer Jim Chalmers is set to unveil his second budget on Tuesday, which is expected to be far more substantial in terms of policy announcements than the “mini-budget” released in October. The budget will include almost $15 billion in cost of living relief, with $1.5 billion allocated for electricity bill relief for 5.5 million households and 1 million small businesses. The federal government also plans to change dispensing rules at pharmacies, allowing people to buy two months’ worth of medicines on a single prescription. The budget will also provide cheaper childcare for about 1.2 million families and a 15% pay rise for aged care workers.
The government aims to make Australia a “renewable energy superpower” and will establish a “Net Zero Authority” to help workers in coal-dominated regions transition towards renewable energy. The budget will also include funding for the National Anti-Corruption Commission and $535.3 million in funding for Australia’s nine national collecting institutions.
The government plans to crack down on vaping and reduce smoking with a $737 million package, which includes increasing the tax on tobacco by 5% a year for three years and stronger regulation and enforcement for e-cigarettes. The budget will also include higher tax receipts from the Petroleum Resource Rent Tax by asking the offshore LNG industry to pay its tax revenue sooner.
Overall, the budget is expected to provide significant relief for Australians struggling with the cost of living, while also investing in renewable energy and addressing issues such as corruption and smoking.
Source: abc.net.au
