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The Latest Breaking News from Federal Budget

Treasurer Jim Chalmers flags new budget strategy, but tax cap 'plucked from the air' can stay for now

The Albanese government's first federal budget will include a significant rewriting of official budget guidelines and will also see forecasts for unemployment revised as a "consequence" of a deteriorating global outlook, the treasurer has flagged.

ABC News

Commentary: How Fed-induced inflation is battering your wallet

A common sound bite today is that the Federal Reserve’s recent interest rate hike is pushing the nation toward recession. But that’s like beginning a book on page 813. The origin of today’s economic malaise is prolonged and massive federal budget deficits, combined with a Fed willing to finance those…

Tribune News Service

Jim Chalmers announces $50bn improvement in federal budget compared to March projections

Treasurer says improvement comes in large part from higher than expected commodity prices boosting returns from mineral exports

The Guardian - AU

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Treasurer reveals $50b budget turnaround

Jim Chalmers has revealed government finances were better than expected for the previous financial year but foreshadowed tough decisions in his first budget.

AAP

PM warns of difficult decisions in budget

Anthony Albanese has warned of difficult decisions ahead in the federal budget, as the government looks for cost-of-living relief measures.

AAP

Matthew Yglesias: A debate over the deficit is just what America needs

With unemployment low, inflation high and interest rates on the rise, the time is right to bring back an old idea: bipartisan talks to reduce the federal budget deficit.

Tribune News Service

Port of Newcastle hydrogen hopes remain up in the air

Climate change and energy minister Chris Bowen will not confirm if a $100 million commitment from the previous government to support the development of the hydrogen sector at the Port of Newcastle will be honoured in the upcoming federal budget.

Newcastle Herald

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Short-term wage growth unlikely: Chalmers

Jim Chalmers says wages are unlikely to keep up with rising inflation in the short term, as global factors impact on the economy and federal budget.

AAP

Rand Paul Asked Senators To Balance the Budget. Only 28 Agreed.

Rising interest rates will only make it harder to balance the budget in future years.

Reason

Federal budget delivers long-overdue policy changes for Canada’s charities

The COVID-19 pandemic has dealt a catastrophic blow to Canada’s charitable and non-profit sector. Representing almost nine per cent of the country’s GDP and employing over two million people, the sector experienced an overwhelming demand for services with fewer staff and even less volunteers to meet increased demand during the…

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