There is very little in the federal budget for towns like Naracoorte in regional South Australia.
And with the new budget, the government has put the heavy lifting at the feet of the community, with very limited spending in the region to counterbalance the increasing costs.
That’s how the shadow minister for finance and tax reform, Heidi Girolamo, has described the new budget, claiming it would only “bring economic hardships”.
“Speaking of the federal budget to add to the pain, a lot of commentary from the credit-ratings agencies is saying that this latest budget will possibly add to inflation when what was needed was deflationary spending,” Ms Girolamo claimed.
She told The [Naracoorte Community] News that the Reserve Bank’s decision to increase interest rates for the tenth time under the Federal Labor Government was difficult news for Australians struggling with the rising cost of living.
“This latest hike means a family with a typical $750,000 mortgage is now paying $1,723 more every month compared to May 2022. That’s almost $21,000 a year.
“Core inflation in Australia is higher than many of the advanced economies around the world—higher than the entire G7. We are leading the world in the worst way possible.”
She said inflation was far too high under this government, and after almost a year in office, it was time for the Prime Minister and the Treasurer to take responsibility.
“In South Australia, while it’s welcome news that Labor has listened to opposition calls to sign up to the National Energy Bill Relief Fund, half of South Australian households won’t receive any relief from it.
“If you’re not already receiving a concession, this budget would be a disappointment for you. A lot of people, especially families, are already struggling, and there was no broad cost of living relief for those groups in this budget.”
Treasurer Dr Jim Chalmers says the 2023–24 Budget addresses the immediate challenges Australians are facing, better shares the opportunities in our society, and builds a stronger and more secure economy.
“Australians have shown resilience in the face of heightened global uncertainty, persistent inflation, and higher interest rates, which are combining to slow our economy,” Dr Chalmers said.
He said the best response to these challenges was a responsible budget that strikes the right balance between easing cost of living pressures, securing the essential services people rely on, and laying the foundations for future growth.
“It does this while strengthening our fiscal position, with a budget surplus now forecast in 2022–23 and lower deficits and debt compared to recent budgets.
This article appeared in the Naracoorte Community News.
