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Govt. Uses Iran War Tax Windfall for Debt, Not Cost-of-Living
Description
Treasurer Jim Chalmers announces a surprise tax windfall from the Iran war will fund debt reduction, not cost-of-living relief, in the upcoming budget. Debt is projected to reach one trillion dollars next year, with savings from tightening the National Disability Insurance Scheme covering hospital costs, defense boosts, and inflation hits. Chalmers emphasizes responsible management amid rising borrowing costs. Oppositions Shadow Treasurer Tim Wilson criticizes inflation, calling it a deliberate government feature. Inflation remains at four point six percent, locking in more funds for indexed pensions and payments, leaving little room for extras despite tax cuts already locked in. The budget is expected to be tight, with the full play set to be revealed on May twelfth.
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