00:00 This budget outlook is the government's chance to revise the figures that it gave in the
00:07 budget back in May.
00:09 And we know that some of these figures, revised figures, show that there are some better than
00:14 expected outlooks but also some worse expected outlooks as well.
00:18 So let's start with the deficit.
00:20 We know that this is going to be much smaller than expected back in the May budget.
00:25 So we're now expecting that to be $1 billion.
00:29 That is an improvement of almost $13 billion.
00:35 So the government is certainly very happy about that.
00:39 When it comes to extra cash coming in for the government to spend and save, we know
00:44 that that is going to increase by $64 billion over the next four years.
00:51 So certainly that is something that the government is very happy about as well.
00:57 Also in the last six months, the government says that it's been able to make what it calls
01:01 savings in the total of around $10 billion.
01:06 Most of that we knew about from some projects, infrastructure projects being axed in the
01:11 last few months.
01:12 So the government says that those savings have been made.
01:17 And when it comes to Australians though who are hoping to see some movement in regards
01:23 to their wages in real terms, that will be taking longer than what was expected.
01:29 And that's thanks to some higher than predicted forecasts around the inflation figures.
01:36 So certainly a mixed bag of figures today in this outlook.
01:39 And so many Australians are still feeling cost of living pressures.
01:42 Is there anything in the budget update for them?
01:45 Well, no, not in this update, Joe.
01:48 We had asked the Treasurer, Jim Chalmers, earlier today about whether or not we could
01:53 see some cost of living relief over the coming months.
01:57 He says that he won't rule that out at this stage.
02:02 But he did use it as an opportunity to talk through some of the cost of living measures
02:06 that have already been put in place by the government.
02:09 Here's a little of what he had to say earlier today.
02:12 Cost of living relief, $23 billion across a range of areas, is deliberately designed
02:19 to impact on different parts of the community.
02:22 And it is relatively broad when it comes to things like bulk billing, you know, anyone
02:27 with a kid under 16, all of the other measures that you've talked about, spread across the
02:33 economy.
02:34 You're right that we have said that this is not a mini budget.
02:39 This update is effectively a stock take rather than a long list of brand new measures.
02:45 And we will consider the budget conditions and the economic conditions between now and
02:51 the May budget to see whether we will provide more cost of living help.
02:57 So Joe, a little bit of a watch in this space there from the Treasurer.
03:02 But he did say that today's budget outlook was all about responsible economic management.
03:07 And what's the opposition had to say?
03:09 We heard from the opposition earlier this afternoon and they said that this outlook
03:15 shows that the government isn't doing enough to support struggling families with the cost
03:20 of living and also they're not doing enough to reduce inflation.
03:25 We heard from the Shadow Treasurer, Angus Taylor, a little earlier.
03:29 Now he says while he didn't propose any proposals in regards to how to do this, he does say
03:35 that Australian families do need help.
03:38 Right now, here's a little of what he had to say.
03:41 Australians are in pain as they approach Christmas.
03:43 Enormous financial pain.
03:44 This should be a joyful time of year but it's a tough time of year.
03:47 The Treasurer began the year with a 6,000 word statement on remaking capitalism.
03:53 All we've seen from him since then is statements, slogans and spin.
03:58 But we're not seeing what we really need, which is measures taken to get to the source
04:04 of the problem here, which is to take pressure off inflation, take pressure off interest
04:08 rates and in the process take pressure off hard working Australian families who are doing
04:12 it tough.
04:14 Also as part of this outlook that we received today, we also received some new spending
04:20 from the government but also some new charges from the government as well.
04:25 In regards to spending, we know that the government will now provide almost $200 million more
04:31 to Ukraine as it continues to battle with Russia.
04:35 And in regards to some charges, Joe, if you're looking to renew or get a new passport in
04:41 the next few years, you'll have to pay 15% more from June next year.
04:46 [BLANK_AUDIO]
