Australia to reveal economic plan

Australia's new government on Tuesday will propose an economic plan to steer the nation through rising inflation and interest rates while reigning in debt.

Jim Chalmers, Australia Treasurer said ”The budget has three objectives, responsible cost of living relief, strengthening the economy and beginning the hard yards of budget repair. And we will take a really responsible approach to the welcome and substantial improvements in the near term. That will not make up for the persistent structural spending pressures on the budget."

The March budget forecast that gross debt as a share of the economic growth would peak in mid-2025 at 44.9%, or $709 billion. The budget will help families by increasing child care subsidies and gradually increasing paid parental leave entitlements from 18 to 26 weeks, the government said.