targeting cost-of-living relief through reduced energy bills, more free visits to the GP and an increase to the JobSeeker rate.
The surplus of $4.2 billion - the first since Peter Costello's 2007-08 budget - comes on the back of surging tax revenue from iron ore, coal and gas and a thriving jobs market. Interest rates, hiked again only last week, are predicted to remain on hold at 3.85 per cent until early 2024, before gradual cuts to 3 per cent by June 2025.
Outside of the pandemic and the Global Financial Crisis, the next two years are expected to be the weakest for global growth in over two decades."Bulking billing incentives for GPs "One of the things that makes this the best country in the world is our shared belief that every Australian should be able to access affordable, reliable healthcare," Chalmers said.Health Minister Mark Butler said it was "the largest increase to the bulk billing incentive in the 40-year history of Medicare".
The budget papers say "support to households will be targeted at those most in need, including concession card holders, those who receive family and carers payments and recipients of electricity concessions under existing state and territory schemes".