Federal budget: Treasurer announces big housing and energy plans

Labor’s first federal budget in a decade has been handed down, with a focus on easing cost-of-living pressures for families. 

Affordable housing and childcare, along with investment in skills and clean energy are the focus of Labor’s financial blueprint.

Treasurer Jim Chalmers announced plans to build one-million new houses across the county.

The scheme will involve collaboration between the Commonwealth, states and territories, in a bid to boosting housing supply and affordability.

The Treasurer announced a $20 billion fund for energy transmission to drive investment in renewable energy.

He says this includes $800 million spending on subsidising electric cars, building national electric and hydrogen charging stations and solar battery storage for homes.

Chalmers has also confirmed that $3 billion will be spent on natural disaster relief.

Labor’s first budget in almost a decade forecasts real wages will not start to grow until 2024, when unemployment is tipped to have increased 1 per cent to 4.5 per cent.

Press PLAY below to hear the full announcement from Treasurer Jim Chalmers