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The finance minister, Katy Gallagher, also spoke to ABC Radio this morning about how the government is balancing the budget with record high inflation, and all signs pointing to another rate hike from the RBA next week.
Gallagher says there will be mortgage pain for over a fifth of mortgage holders:
We’re expecting about 20% of mortgage holders to come off fixed rate loans this year.
We always said 2023 was going to be challenging year … Dealing with the inflation challenge is a key economic priority for the government.
What you’ll see is a continued focus on cost-of-living relief, funding those priority areas like health and aged care and making sure we’re getting the balance right in terms of spending restraint, banking upgrades and looking for sensible savings where we can.
There’s no doubt that migrants have been key to the formation of modern Australia.
I think [migrants] should be recognised for their contribution to this country. And I think that’s fair enough, but that’s not minimising the Indigenous.
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