Next week\u2019s federal budget will include $64bn in net savings, the Albanese government\u2019s finance chiefs say.<\/p>\n
Finance Minister Katy Gallagher said on Friday that Labor had scraped together the savings by reprioritising funds and trimming spending in key areas, including the National Disability Insurance Scheme (NDIS).<\/p>\n
\u201cWe know that there\u2019s pressures in health, in aged care, in defence, in NDIS, and we already know the decisions we\u2019ve taken around the NDIS to manage some of that pressure and to find savings,\u201d she told a press conference alongside Treasurer Jim Chalmers.<\/p>\n
\u201cBut next week\u2019s budget will include savings of $64bn in reprioritisations and savings \u2013 $64bn.<\/p>\n
\u201cThis means that since coming to government, we have found total saves and reprioritisations of $178bn.<\/p>\n
\u201cIn every single budget, we have found savings to return to budget, to reprioritise, to meet those increasing pressures across the government.\u201d<\/p>\n
Trimming the NDIS was the biggest source of savings at $35bn alone, she said.<\/p>\n
Other areas included restructuring the private health insurance rebate for over 65s and cutting costs in the public service, which combined was worth $5.7bn.<\/p>\n
Defence reprioritisations also yielded $5bn.<\/p>\n
Senator Gallagher said the \u201csavings will be used to offset investments in those essential services, national security, economic resilience and some of the unavoidable pressures that we\u2019ve had to deal with in this budget\u201d.<\/p>\n
Mr Chalmers hailed the savings, which came \u201cin the face of more than the usual amount of global economic uncertainty\u201d.<\/p>\n
He also outlined five core elements of the budget.<\/p>\n
\u201cIt will have five major priorities. First of all, fuel security. Secondly, cost of living and housing,\u201d he said.<\/p>\n
\u201cThere will be a productivity package, there will be a tax reform package, and there will be a very substantial savings package.<\/p>\n
\u201cThis is all about making our budget more sustainable over time. It\u2019s about making room for priorities and pressures and making sure that we are saving more than we spend in the budget that we hand out on Tuesday night.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Next week\u2019s federal budget will include $64bn in net savings, the Albanese government\u2019s finance chiefs say. Finance Minister…\n","protected":false},"author":2,"featured_media":657706,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164,180257],"class_list":["post-657705","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy","tag-newswire-politics"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/657705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=657705"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/657705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/657706"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=657705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=657705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=657705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}