CANBERRA, May 12 (Xinhua) -- The Australian government on Tuesday unveiled its new Federal budget, projecting a deficit of 31.5 billion Australian dollars (about 22.7 billion USD) for 2026-27 as it seeks to strengthen the economy amid global uncertainty.
Treasurer Jim Chalmers, delivering the budget to parliament, described it as "the most important and ambitious budget in decades."
"War in the Middle East has been pushing up prices, pushing down growth, and punishing Australians," Chalmers said, highlighting external pressures on the domestic economy.
He outlined five key pillars underpinning the government's economic strategy, including navigating the global oil shock while strengthening resilience, and easing cost-of-living pressures.
The plan also focuses on boosting productivity to lift long-term living standards, reforming the tax system for workers, businesses and future generations, including a new tax cut for all working taxpayers, and strengthening the budget position to help contain inflation by saving more than the government spends. Enditem
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