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The Federal Treasurer Jim Chalmers took 31 minutes to announce his first full year budget for the Albanese Labor Government last night as he tried to provide more for those in the community most negatively impacted by rising inflation without fuelling inflation itself.
The Albanese Government has handed down its self-described "solid and sensible" budget in a very different economic environment to March this year when the Morrison government was revealing theirs.
Scamwatch, the scam monitoring service run by the Australian Competition and Consumer Commission (ACCC), is alerting the public to a new trend re-targeting previous scam victims with offers of help to recover lost money.
The Treasurer has handed down a relatively responsible Budget, with a strong focus on cost-of-living measures along with some small-business support, cyber-security and infrastructure spending.
Among the lingering effects will be the financial upheaval many people have experienced, some for the first time. Whether brought about by unexpected career change, the fluctuating value of assets, or delayed retirement or estate planning, the resulting fear and uncertainty is real.
Budget 2021-22 follows on from the last Budget’s theme of getting Australia through the pandemic and promoting economic growth and employment. The Australian economy has progressed toward recovery more successfully than others, with a dramatic budget improvement since the October 2020 forecasts.
Budget 2020-21 is firmly billed as a recovery plan, to move Australia from crisis response towards rebuilding the economy following the once-in-a-century shock caused by the COVID-19 pandemic.
