Pro-Palestinian encampment at Dalhousie University - May 13, 2024 | SaltWire #news #halifax #protestSYDNEY - Australia's government plans to spend billions to cut energy bills and rent, lowering headline inflation and providing relief for voters grumbling about cost of living pressures ahead of an election next year.
The proposed A$3.5 billion in energy bill relief - equivalent to an annual A$300 rebate for every household - is estimated to reduce headline inflation by around half a percentage point for the fiscal year ending June 2025. The ambitious inflation projections come as Prime Minister Anthony Albanese's Labor government faces growing criticism over soaring consumer prices ahead of a federal election, which is due by early next year.
Investing in Labor's Future Made in Australia subsidy programme is the other big theme of the budget, with the government pledging to pour more than A$20 billion over the next 10 years to help domestic industries compete globally.