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Anthony Albanese flags cost of living relief for struggling Aussies ‘taking pressure off inflation’

Anthony Albanese flags cost of living relief for struggling Aussies ‘taking pressure off inflation’

Prime Minister Anthony Albanese has flagged new cost of living measures for struggling families in this year’s budget.

Albanese said he remains “very positive” as we enter 2024.

WATCH THE VIDEO ABOVE: Anthony Albanese addresses cost of living for 2024.

“Our priority will be to provide cost of living relief while taking pressure off inflation,” he said at a press conference in Sydney.

“I have asked Treasury and Finance to come up with further propositions that we’ll consider in the lead-up to the May budget this year.”

Fee-free TAFE, which began last year with more places opening in 2024, was flagged as an example of the type of cost of living relief under consideration.

The prime minister said the policy would create downward pressure on inflation by addressing longer-term issues of labour market shortages and supply chain limitations.

Other help already in the system includes energy bill relief and boosted Commonwealth rent assistance.

The mid-year budget outlook, released in December, did not contain any cost of living measures, though the treasurer did allude to more assistance in May if needed.

Albanese added the government also wants to “help more Australians live in their own home”.

“Already 26,000 people have been helped in the first six months of our expanded home guarantee scheme,” he said.

Reserve Bank of Australia (RBA) governor Michele Bullock has said households, overall, are in a “pretty good position” despite the “noise” around interest rate rises and living costs.

“Their balance sheets are pretty good,” she told a conference in Hong Kong in late November.

RateCity research director Sally Tindall said the monthly increase in household deposits led to another overall record high.

“This data illustrates just how determined people are to keep a hold of their cash, ready for a rainy day,” she said in a statement.

“Australians managed to stash more than $10 billion extra in the bank in November alone.

“While the RBA is ultimately looking for evidence of people dipping into their savings, this is a positive sign that Australians are putting a priority on building themselves healthy buffers.”

– With AAP

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