Prime Minister Anthony Albanese hasn’t ruled out further cost of living relief for struggling Australians this year.
Mr Albanese on Saturday spruiked his government’s economic credentials after Department of Finance figures showed the budget surplus had ballooned to $19 billion.
That figure far exceeded the forecasted $4.2 billion which was unveiled by Treasurer Jim Chalmers just two months ago.
Speaking at the opening of the South Sydney Rabbitohs’ centre of excellence, Mr Albanese said the surplus would ease inflation.
“We understand that people are under pressure with cost of living increases and we need to take that pressure off inflation,” Mr Albanese said.
“And that’s why the changes such as cheaper child care, cheaper medicines, increased paid parental leave that come into play from today will make an enormous difference to people.”
Australia’s largest ever surplus was $19.8b in 2007-08.
Millions of Australian households are struggling under cost-of-living pressure, surging rents and housing prices.
A raft of schemes introduced by the government came into effect on Saturday including increases to the minimum wage, the Energy Bill Relief Fund and increases in parental leave.
The Opposition attacked the government saying any surplus should be passed onto households.
And Mr Albanese didn’t rule out further cost-of-living relief in the months to come.
“We’ll continue to examine and always do whatever we can to take pressure off families,” Mr Albanese said.
“Because we understand that it’s the responsibility of the government to do that.
“That’s why we’ve put in place so many measures … Our Energy Price Relief Plan alone will produce a three quarters of a percentage drop in inflation.”