Australian households are bracing for a range of budget cuts as the government looks to reduce its deficit. The cuts, which will be announced in the upcoming federal budget, are likely to focus on welfare, pensions, education and health.
Welfare payments such as family tax benefits and the age pension are expected to be reduced, while education and health funding could also be cut. The government is also likely to cut spending on research and development, infrastructure and tax breaks for the wealthy.
The cuts are expected to hit those on lower incomes the hardest, with the government likely to target benefits and services that affect the most vulnerable in society. The government is expected to make savings of up to $13 billion over the next four years.
The budget cuts come at a time when the Australian economy is struggling and the government is under pressure to reduce its deficit. Households are already feeling the pinch from rising electricity prices, higher taxes and increased living costs.
The budget cuts are likely to further squeeze household budgets, with many households already struggling to make ends meet. The government is expected to announce further measures to help boost economic growth, but it is likely to be too little too late for many Australians.
