Australia’s government will increase spending on defense and national security while reducing household expenses, Treasurer Josh Frydenberg said before he reveals the budget Tuesday made with an eye on upcoming elections.
With Russia at war with Ukraine and China’s military becoming more assertive, Frydenberg foreshadowed “further investments in defense and national security reflecting the challenges that we now face.”
The budget for the fiscal year beginning July 1 comes ahead of general elections due by May 21 in which Prime Minister Scott Morrison’s conservative government will seek a fourth three-year term.
With inflation increasing in Australia and many parts of the world driven in part by higher oil prices, the government is expected to reduce its 44.2 Australian cents (33.1 U.S. cents) a liter ($1.25 a gallon) tax on gasoline.
“Tonight in a temporary, in a targeted, in a responsible way, we will provide cost of living relief,” Frydenberg said.
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