Australia will increase spending on defense and securityOn March 29, 2022 by editor
Australian Treasurer Josh Friedenberg says the government’s forthcoming budget will increase defense and national security spending and reduce household spending.
By Rod McGuirk Associated Press
March 29, 2022, 12:59 AM
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As Russia’s war with Ukraine and China’s military grew stronger, Friedenberg “predicted more investment in defense and national security that reflects the challenges we now face.”
With rising inflation in Australia and driven by higher oil prices in many parts of the world, the government is expected to reduce its 44.2 Australian cents (33.1 US cents) per liter ($ 1.25 per gallon) tax on gasoline.
“Tonight, in a temporary, targeted way, in a responsible way, we will provide life-saving relief,” Friedenberg said.
The Australian Institute for Petroleum says national petrol prices fell by an average of 5.8 AU cents (4.3 cents) last week to AU $ 2.06.7 ($ 1.54) per liter ($ 5.86 per gallon).
Friedenberg said he would publish “material improvements in the bottom line of the budget.”
Economists expect a deficit of between AU $ 80 billion ($ 60 billion) and AU $ 70 billion ($ 52 billion) in the current fiscal year, compared to the government’s deficit of AU $ 99.2 billion ($ 74.3 billion) in December.