Australians are holding out hope for hip pocket aid as politicians rush to Canberra to debate cost-of-living proposals and inflation seems to chill.
Since the top of the COVID-19 lockdowns, costs have surged for all the pieces from rents to the weekly grocery store as a confluence of home and worldwide occasions gas inflation.
In response, Prime Minister Anthony Albanese has summoned his colleagues to Canberra for a caucus assembly on Wednesday, about two weeks earlier than parliament resumes in February.
Health Minister Mark Butler says the expedited begin to the political yr was nod to the state of the financial surroundings.
“Even though parliament doesn’t commence again for a couple of weeks, (we are meeting) because we recognise Australians are doing it tough,” he informed reporters in Adelaide on Sunday.
“I know that all my caucus colleagues are keen and raring to get going with delivering again for Australians this year.
“We know there may be extra to do in 2024 and we’re decided to get going as rapidly as doable with that.”
The prime minister has commissioned Treasury and the Department of Finance to put together further proposals for cost-of-living relief, but when asked if any measures would be introduced before the end of the week, Mr Butler said it was a matter for Mr Albanese to consider.
“We’re pleased with the measures that significantly the Prime Minister and Treasury delivered over the course of 2023 however recognise there’s extra to do on this international inflation shock that’s hitting Australian households laborious,” he said.
To the relief of many, recent economic data has pointed to softening inflation.
Earlier in January, the Australian Bureau of Statistics reported the monthly consumer price index for November had slowed to 4.3 per cent, its lowest level since January 2022.
Meanwhile, the ABS’s jobs data released on Thursday revealed the labour market had also begun to cool off.
Monthly business turnover data, expected to come out on Tuesday, will also provide another indicator of the economy’s strength.
If the info stays promising, debtors can maintain out hope when the Reserve Bank of Australia delivers its first rate of interest resolution of 2024 in early February.
Source: www.perthnow.com.au
