Budget Wish List Putting Pressure On Chalmers

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The scheduled May 9 budget is fast approaching, and Treasurer Jim Chalmers is in the ‘home stretch’ about his first official budget since Labor won the election. But Chalmers is still working to address many requests from different sectors.

According to the treasurer, the requests should be handled delicately. “I think this budget, in particular, is going to need to strike some pretty fine balances between, for example, providing a bit of assistance to people to get them through a tough time without adding to inflation; between investing in the kind of drivers of long-term growth in our economy while we still deal with these near-term challenges,” he noted.

Many experts think that Chalmers must consider several factors to strike a balance as he tries to address the budget wish list. 

According to Amy Remeikis, a political reporter, one of the treasurer’s most challenging topics is the stage-three tax cuts.

Remeikis added, “The Australia Institute has been particularly focused on campaigning for the final stage of the Morrison government tax reform plan to be axed. But despite the predicted $250 billion in lost tax revenue over the last decade, don’t expect any action either way on stage three. The government’s position on the policy hasn’t changed.”

Another topic Chalmer faces is overhauling the petroleum resource rent tax (PRRT) reform. Though details are yet to be expressed, the treasurer did confirm that this is one of the significant revenue reforms the budget will look into.

Recently, the wish lists of the Economic Inclusion Advisory Committee and the Women’s Economic Equality Taskforce were released. The government mentioned that it is working hard to adopt some if not all, the proposals, including reinstatement of the parenting payment for single women with children over eight, abolition of the childcare subsidy activity test, and investment in an interim pay rise for all early childhood educators.

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