Prime Minister Scott Morrison says cost of living pressures will be addressed in the federal budget, with the government tipped to temporarily slash the fuel excise.
Treasurer Josh Frydenberg hands down his fourth federal budget on Tuesday which is expected to include a fuel excise cut of 10 to 20 cents per litre for six months, as petrol prices rise above $2 a litre.
“This budget is about addressing the cost of living pressures being faced by Australian families,” Mr Morrison told reporters in Sydney on Monday.
“It’s about the long-term plan that Australians need to grow their economy and deal with the uncertainties that are ahead.”
Mr Morrison denied the government was attempting to use the budget as a way to buy votes before the election, due to be held in May.
The prime minister is expected to call the election shortly after Tuesday’s budget.
“This budget is about Australians facing their future, and to have a stronger future, you need a strong economy, and our government has demonstrated the strong economic credentials to deliver,” he said.
The coalition will aim to get the key measures legislated before the election.
Opposition Leader Anthony Albanese said Labor would closely examine policies in the budget that would assist with the cost of living on its merits.
“We don’t know what is in the budget. So, we can’t give guarantees as to our position,” he told reporters in Canberra on Monday.
“What we promise is that we will be doing our bit to assist real wage increases.”
Tuesday night’s budget will also include more help for first home buyers.
The Home Guarantee Scheme will double to 50,000 places to support more first home buyers with a five per cent deposit.
There will be an additional 35,000 places available for first home buyers, 5000 places for single parents and 10,000 places for people who buy or build a new home in a regional area.
Housing Minister Michael Sukkar says to date there have been no defaults on loans since the program began three years ago.
Shadow treasurer Jim Chalmers says the government’s housing announcement copies Labor’s election commitment to help first home buyers in regional areas.
“They’ve copied our policy today for regional first time buyers – that’s a good thing as far as we’re concerned – it won’t solve the whole problem but we’ll have more to say about that,” he told Nine Network on Monday.
A further $17.9 billion will go towards new and existing infrastructure projects under the government’s 10-year rolling investment pipeline.
The overall program will amount to a record $120 billion.
The latest announcement ahead of Tuesday’s budget comes on top of a host of commitments in recent weeks worth tens of billions of dollars.
BREAKDOWN BY JURISDICTION OF NEW INFRASTRUCTURE FUNDING:
(Jurisdiction – spending – job creation, both direct and indirect)
NSW – $3.3 billion – more than 10,000
Vic – $3.3 billion – more than 6500
Qld – $3.9 billion – more than 11,000
WA – $2.1 billion – more than 5500
SA – $2.8 billion – more than 2000
Tas – $639 million – more than 2500
NT – $361 million – more than 1000
ACT – $51 million – around 325
© AAP 2022
