FX.co ★ Australia to Present Budget Focused on Cost-of-Living Relief

Australia is set to announce its 2025 federal budget on Tuesday, March 25. Treasurer Jim Chalmers is focusing on alleviating cost-of-living pressures and strengthening economic resilience in the face of global uncertainties. Notable initiatives include continuing electricity bill subsidies until the end of 2025, at an estimated cost of AUD 1.8 billion, and broadening a shared equity program aimed at assisting first-time home buyers. The budget also speeds up A$1 billion in defense expenditures following increased military investments by the United States and its allies. These increased outlays will shift the fiscal balance back into a deficit after experiencing two years of surpluses, according to local media reports. With elections approaching by May 17, Prime Minister Anthony Albanese is under rising voter pressure concerning high living costs, increased borrowing rates, and deteriorating housing affordability.