Jim Chalmers forecasts first budget surplus in 15 years but economic growth expected to slow

Some important details of tonight’s budget are starting to trickle through.

Ahead of Treasurer Jim Chalmers handing down the budget at 7.30pm, the government has confirmed there will be an increase to the base rate of at least three support payments as part of a $14.6 billion cost-of-living package.

The rate of JobSeeker, Austudy and Youth Allowance will all be increased, while there will also be additional support for renters.

The budget will forecast inflation to be lower in 2023-24 than was forecast in the October budget, which the government will say is because of its cost-of-living package.

As previously canvassed by the government, there will also be electricity bill relief for more than 5 million households, according to the government.

Gross debt will also peak five years earlier and significantly lower than expected in October.

It is projected to be almost $300 billion lower by 2033, saving $83 billion in interest costs over that period.

( Information from politico.com was used in this report. Also if you have any problem of this article or if you need to remove this articles, please email here and we will delete this immediately. [email protected] )

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