Assistant Treasurer Daniel Mulino says the federal budget, to be handed down in May, will be “framed by a lot of international uncertainty”, as the war in the Middle East continues to impact economic conditions in Australia.
Asked if the May budget would implement additional cost-of-living measures to account for increased pressures caused by the conflict, Mulino told ABC’s News Breakfast that “the government has already stepped in”.
Assistant Treasurer Daniel Mulino.Alex Ellinghausen
“We’ve prioritised a reduction in the fuel excise, and that’s already making a difference for people, and that budget will clearly be framed with a lot of international uncertainty.
“We’re not immune from the fact that the conflict in the Middle East is going to be impacting oil prices for some period of time, and so we’re going to be crafting the budget with tax reform, with cuts to spending in certain areas, and with a responsible fiscal trajectory,” he said.