Treasurer Josh Frydenberg has warned Australians to brace for higher interest rates, while claiming the Coalition government is best placed to help people cope with theWith the federal budget due to be handed down in just over two weeks, Mr Frydenberg promised “we will not be increasing taxes in this budget” and that the government would rely on economic growth to bring down Australia’s booming budget deficit over time.
After more than two years of the COVID-19 pandemic, with a war in Ukraine and historic floods pushing up petrol prices and food prices; a rise in interest rates on the cards; wages struggling to keep pace with inflation; and debt and the deficit continuing to rise, it is a make-or-break budget for the Treasurer.near-term interest-rate riseMr Frydenberg confirmed the budget was likely to upgrade forecasts to reflect the economy was “on track to an unemployment [rate] with a three in front” of it.
For an average new mortgage of $830,000 in NSW on an existing home, a rise from 2.4 per cent to 3.4 per cent would mean repayments rise from $3692 per month to $4121. A rise to 4.4 per would mean monthly repayments would hit $4576 per month. There will also be a women’s economic statement; more money for women’s health, safety and economic security beyond the $189 million already announced; more funding for skills and the manufacturing sector; and a “big focus on the regions as a generator of economic growth”.
“And we’ve been rolling out tax cuts, which have helped boost household disposable income through the pandemic. And the LMITO [the low and middle-income tax offset] that I announced in last year’s budget is accessed by people at the end of this financial year.” As petrol prices have passed $2 a litre on the east coast of Australia in recent weeks and head towards $2.50 a litre, the government has faced calls to temporarily pause petrol excise, which is currently 44.2¢ a litre and is expected to pass 45¢ in a matter of months.
When the Coalition came to office in September 2013, net debt was $174.6 billion and by October 2018, it had risen to $354 billion.
jamesmassola I thought interest rates under Coalition will always be low and affordable!
jamesmassola Interest rises & inflation & debts for decades to pay off under JoshFrydenberg enough of this incompetent treasurer!
jamesmassola Worst treasure we've ever had. The debt his rorting scammy govt has racked up deserves some serious investigation once they have been voted out of existence. CallTheElectionDickhead
jamesmassola Frydenberg will go down as the worse Treasurer Australia has known votejoshout
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