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Anthony Albanese believes Australians will welcome the news that the federal accounts are in a surplus almost five times greater than what was predicted on budget night, even as households around the country struggle with the rising cost of living.
Federal Department of Finance Records released yesterday show the budget surplus has grown to $19 billion by the end of May, a significant increase on the $4.2 billion figure unveiled by Treasurer Jim Chalmers on budget night.
Australia’s largest ever surplus was $19.8 billion in 2007-08.
Speaking in Sydney on Saturday, the prime minister said that strong economic position will help relieve inflation.
“That’s a result of this government’s responsible economic management,” Albanese said.
“The fact that we’ve turned a $78 billion deficit that was forecast under the Liberal National Party government just over a year ago into a surplus that’s in excess of $4 billion is a positive thing.
“It will take pressure off inflation. And the government’s been determined to do that.”
When pressed about the disparity of the huge boost to the Commonwealth’s bottom line while households struggle with the cost of living crisis, Albanese pointed to a range of relief policies unveiled in the budget that came into effect today.
“We understand that families are under cost-of-living pressure,” he said.
“But these measures will make a real difference. $3 billion, together with states and territories, on energy price relief, the cheaper child care for 1.2 million families, the additional support for people to get into homeownership… increased paid parental leave, cheaper medicines.
“All of these will make a difference on cost-of-living pressures for families.”
The opposition, however, has criticised the government for not doing enough to address increasing power prices, with electricity costs rising across the country from today.
“Australians will be paying the highest power prices they’ve ever seen,” Shadow Energy Minister Ted O’Brien said.
However, Albanese defended his government’s policies, again pointing to the energy price relief plan.
“I believe that Australian families will look at the federal budget and say it is good that we have a government that is putting in place responsible budget management in order to put that downward pressure on inflation,” he said.
“They know that responsible economic policy from the federal government is important and has a flow-on impact that is positive for families…
“Our energy price relief plan alone will produce a three-quarters-of-a-percentage drop in inflation.”
