Govt rolls out relief plans ahead of election

Australia’s government doled out billions in cost-of-living relief measures in its budget yesterday in a bid to win back disgruntled voters ahead of a tough election in May, tipping the fiscal ledger back into the red after two years of rare surpluses.

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Figures from Treasury showed gross debt is expected to hit A$940 billion (32 trillion baht) in the fiscal year to June 2025, with debt as a share of GDP expected to hit a peak of 37% over the coming years. That is still low compared with its global peers.

Details of the budget were announced by Treasurer Jim Chalmers in parliament at 7.30pm local time in Canberra.

“Tonight's budget will be a responsible budget,” he told reporters. “We know that cost of living is front of mind for most Australians and it will be absolutely front and centre tonight in our budget.”