Arabic version: تركز ميزانية أستراليا على الإسكان وأمن الوقود وإنفاق الدفاع
According to ABC News,
Treasurer Jim Chalmers is unveiling his fifth budget tonight, and housing for younger Australians will be a centrepiece. But the war in the Middle East, which created a global energy crisis and major wave of inflation, has forced last-minute adjustments to be made.
Key measures expected in the budget include significant reforms to housing policy. The Albanese government plans to address issues surrounding negative gearing and capital gains tax (CGT) to encourage investment in new housing supply rather than existing properties. The government has announced $2 billion for councils and state utility companies to deliver infrastructure (roads, pipelines, wires) that will help support the construction of 65,000 new homes over a decade.
In response to the global energy crisis, the budget will introduce an Australian Fuel Security and Resilience package, allocating more than $10 billion to enhance fuel security. This includes $3.7 billion to establish a government-owned fuel security reserve that will hold 1 billion litres of emergency diesel and aviation fuel and increasing Australia’s minimum stockholding obligation by a further 10 days.
Additionally, the government aims to boost defence spending to 3% of GDP by 2033, with an extra $53 billion planned over the next decade. This increase will support various projects, including $12 billion towards the upgrade to the Henderson shipyards in Western Australia and investments in drone technology.
The budget will also feature a productivity package focused on reducing regulatory costs for businesses and reforming the migration system to expedite the recognition of overseas qualifications. These measures reflect the government’s strategy to improve economic performance while addressing the needs of younger Australians and enhancing national security.
