Albanese government's first budget delivers election promises but forecasts soaring power prices

By Michelle Grattan, Professorial Fellow, University of Canberra

Treasurer Jim Chalmers has brought down a no-surprises budget that delivers Labor’s election promises but warns Australians “hard decisions” are needed for the “hard days to come”.

The government has kept its spending tight, and returned nearly all the substantial revenue upgrade to budget repair, declaring it has put a “premium on restraint”.

New policies have been largely offset across this year and next year to avoid adding to the inflationary problem.

But the budget contains alarming news for households, with its estimates of soaring energy prices.
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