The Government of Canberra announced on Monday that it will spend 14.6 billion Australian dollars (8.9 billion euros) on measures to deal with the high cost of living in the country.
The incentives, which will be distributed over the next four years and are part of the budget to be announced by the Australian Government on Tuesday, are intended to alleviate the impact of the high inflation (7%) that plagues the country, according to a statement from the Ministry of Tax authorities.
Inflation is well above the target set – 2% to 3% – by Australia’s central bank, which has raised interest rates 11 times since last May, from a record low of 0.1% to 3.85 %, putting even more pressure on the Australians.
“People are under pressure,” Finance Minister Jim Chalmers was quoted as saying in the statement, adding that the budget will help “those most vulnerable to cost-of-living pressures” as it “has in view the future and responsible economic management”.
The budget package includes support measures for around five million families and one million small businesses, to deal with energy bills, which, according to official estimates published in October, will increase by 56% for the first quarter of 2024.
In addition, the fund will be used to implement measures such as discounts on drug prices and improving energy efficiency.
The measures are added to the 11,300 million Australian dollars (6,900 million euros) that the Government of Canberra has allocated to, among others, increase the salaries of workers in nursing homes by 15%.
Source: TSF
