This would be the first surplus in 15 years
Almost $15 billion in cost of living relief for Australians will form tonight’s federal budget.
Australia’s federal budget is projected to record a $4 billion surplus this financial year.
This would be the first surplus in 15 years.
The Albanese Government says they “have seen the Budget improve by more than $143 billion over four years to 2025-26.”
Pensioners, people on other income support payments, and small businesses will have their energy bills subsidised by up to $500, part of billions for cost of living relief.
The budget will include a $737 million package to crack down on vaping and reduce smoking.
The government says it will cost about $19 billion over an initial four-year period to start implementing defence changes.
That includes $9 billion for the AUKUS nuclear-powered submarine project and $4.1 billion for missiles and manufacturing.
The federal government says it wants to make Australia a “renewable energy superpower” and late last week it announced a plan to establish a “Net Zero Authority”.
