TRANSCRIPT
"First reading - a bill for an act to appropriate money out of the consolidated revenue fund for expenditure."
The Clerk of the House of Representatives gets proceedings underway for Jim Chalmers 2024-2025 Budget.
"This is a Budget for the here-and-now and it’s a budget for the decades to come. It’s a responsible Budget that helps people under pressure today – and invests in the promise and potential of the more prosperous future we can make together. "
He admitted that currently the world is experiencing difficult economic conditions
"It’s framed in fraught and fragile global conditions. The world economy is resilient in parts but subdued overall. Inflation is lingering in North America, growth is slowing in China and tepid in Europe, tensions have escalated in the Middle East and persist in Ukraine, global supply chains are fragmenting. This uncertainty combines with cost of living pressures and higher interest rates to slow our economy, with growth forecast to be just 1 and three-quarters per cent this financial year and 2 per cent next. "
However, Dr Chalmers says that Australia’s budget has returned to surplus faster than any other major advanced economy.
Inflation is the budget’s primary focus in the near term, and he says Treasury is positive about the year ahead.
"Treasury is now forecasting inflation could return to target earlier, perhaps even by the end of this year. At the same time, around 780,000 jobs have been created under this Government, a record for any first term. This is stronger jobs growth than in any major advanced economy. "
Jim Chalmers acknowledges the cost-of-living pressures faced by Australians at home, and the weakening global economy.
Just over six billion dollars goes to investment in new housing, with an extra one billion dollars going to states and territories for new housing.
There’s also extra help for renters.
"Rising rents are another big part of the inflation challenge, and we’re supporting renters who need our help. We are providing $1.9 billion to increase the maximum rates of Commonwealth Rent Assistance by a further 10 per cent - on top of the 15 per cent increase delivered in our last budget."
The Government’s planning to invest 9.5 billion dollars in infrastructure over the next four years as part of a total projected spend of 16.5 billion over ten years.
That’ll include 1.2 billion for Queensland’s direct Sunshine Coast rail line; Melbourne’s North East Link and W-A’s Metronet rail project.
2.8 billion goes to strengthen Medicare, including 90 million dollars to make it simpler for overseas health practitioners to work in Australia.
"Mr Speaker, One of the best and most important things about our country is the way we look out for each other and look after each other. Our health system and our care economy are central to this. That’s why, in this Budget we are: Strengthening Medicare, and mental health; Delivering better, stronger aged care; Making the NDIS fairer and more sustainable' and boosting wages in the care economy."
Over the next four years it’s planning to save just over 14 billion dollars on getting the NDIS back on track – which almost exactly offsets the increase predicted by the NDIS actuary if the Government did nothing.
Dr Chalmers says the NDIS has delivered life-changing support for Australians with disability over the last ten years.
But at the same time, the government acknowledged that during that time, the NDIS was left to grow in a rapid, haphazard way, with unchecked fraud and inadequate regulation and safeguarding.
Dr Chalmers says the 469 million dollars allocated to NDIS in the Budget will put participants at the centre of the scheme – and will crack down on fraud and exploitation.
One of the biggest packages announced in the Budget is the 23 billion dollar Future Made in Australia package.
Dr Chalmers says the world’s commitment to net zero by 2050 will demand a massive transformation in the global economy not seen since the Industrial Revolution.
He aims to make Australia a major player in that transformation.
"Australian energy can power it. Australian resources can build it. Australia’s regions can drive it. Australian researchers can shape it. And Australian workers can thrive in it. (hear hear) "
Jim Chalmers says Australia has to do more that muddle through or make do.
He says his Budget is realistic about the pressures people face while remaining optimistic about the future.
"This Budget reflects our biggest ambitions and our highest aspirations – To make Australians the primary beneficiaries of a world of churn and change. Tapping their confidence, compassion, and creativity. To manage their pressures and maximise our advantages. To forge a new economy and a new generation of prosperity. "
