Unpacking Labor’s “Responsible” And Restrained Budget

The Albanese Government has handed down its first Budget in a decade.

Touted as a cost-of-living budget that’s friendly for families, Treasurer Jim Chalmers said restraint was the main contender.

"Restraint is the name of the game. In this budget, uh, restraint is what defines this budget.

The Briefing's Tom Tilly dives deep into Labor's first budget with Australian Financial Review's Tom Mcllroy. To get the full low-down tap below.

Mcllroy said he thinks the Treasurer "faces a pretty tough set of numbers as he delivers his first federal Budget."

"He's warning Australians that there are hard days to come," he said. "That's a reflection of a pretty poor international outlook."

All-in-all, the "limited" budget was focused more on pulling back spending announced from the last government and righting the ship on debt and deficit.

With few surprises, Chalmers said the budget "recognises that our best defence against uncertainty around the world is responsible economic management here at home."

"This is a responsible budget that is right for the times and reads us for the future. It delivers on the priorities of the Australian people, and it repays their faith in a new government.

- Tom Mcllroy

As expected, Chalmers outlined the five pillars the government will use to help tackle the rising cost-of-living.

"Cheaper childcare and more paid parental leave. Better access to health care, cheaper medicines, and a better standard of aged care. Fee free TAFE and more university places. Cheaper and cleaner energy. More affordable housing and a future made in Australia.

- Federal Treasurer Jim Chalmers

The budget contains few new commitments outside of a promise to build a million new homes over five years, starting in 2024.

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