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The Treasurer is warning next month’s budget will be tougher than expected, as he tries to navigate the economy through domestic and foreign challenges.
It follows the Liberal Party claiming victory in former Prime Minister Scott Morrison’s old seat of Cook.
Simon Kennedy will be the new member in the Sydney constituency.
He received 62 per cent of the primary vote, a seven per cent growth on Scott Morrison’s result in 2022.
With no Labor candidate the two-candidate result was 71-29 against the Greens.
Kennedy will take his place in the House the day the treasurer Jim Chalmers delivers his third budget.
But Chalmers warned this budget will me more “difficult” than the others.
“Inflation in the US is going up we’ve got recessions in some countries we’ve got a substantial slowing in China. It means the degree of difficulty is a bit higher – even perhaps than the first two,” Chalmers told Insiders.
The treasurer pointed to falling iron ore prices.
But a surplus is expected and details of the government’s new future Made in Australia Act will be needed
“The heavy lifting will still be done by the private sector – but there’s an important role to play by governments and by private investment,” Chalmers said.
Green energy will be prioritised to compete with and alongside global leaders.
“It’s how we deliver another generation of prosperity – by making ourselves an indispensable part of the push to net zero,” he said
The other crucial factor in the budget will be cost of living relief, which is still being finalised.
Conditions around the globe make it harder but conditions around Australia’s kitchen tables make it essential.
