Does the newly handed down Federal Budget give hope to ease the burden of daily life?

On Tuesday last week, Federal Treasurer, Dr Jim Chalmers handed down his first Budget. It was a budget without any surprises but delivering on election promises already made for, such as cheaper medicines and childcare, more first-home affordable housing initiative and expanded paternal leave. But to what extent the budget alleviates the cost of living, that’s the most important question for a lot of people?

Members of the public shop for fresh produce at a market in Melbourne, Wednesday, July 27, 2022. The CPI rose 6.1% over the twelve months to the June 2022 quarter. Source: AAP / JOEL CARRETT/AAP IMAGE

Peter McCawley AM is an Honorary Associate Professor (Indonesia Project), Arndt-Corden Department of Economics, ANU College of Asia and the Pacific, ANU, Canberra.

In his response to the current budget, he told Sri Dean that it was important for the Australian government to take 'specific steps, leading to a normalization in fiscal and monetary policies. What did it he mean?

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