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Fiscal consolidation is put on the backburner

The 2023/24 Budget unveiled yesterday by Treasurer Jim Chalmers was something of a mixed bag. On the one hand, the modest spending measures proposed by the government will not break the bank, thanks in large part to the government’s commodity-driven tax windfall. On the other hand, the Treasury won’t be lending the RBA much of a helping hand in its fight against inflation.

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