Albanese Government Delivers 2024 Budget

CANBERRA, AUSTRALIA - MAY 14: Australia’s Treasurer Jim Chalmers (R, at podium) delivers his budget speech at Parliament House on May 14, 2024 in Canberra, Australia. Australia's Labor government is grappling with a slowing economy, weaker commodity prices, soaring housing costs and a softening labor market as it prepares to unveil its federal budget on May 14. To counter these headwinds, the budget is expected to feature smaller revenue upgrades compared to recent years, while outlining the government's interventionist policies aimed at boosting domestic manufacturing and the transition to green energy. Critics warn that such industrial policies risk fueling inflation and diverting resources from more productive sectors of the economy. The budget is seen as a key opportunity for the Labor government to deliver broad economic support that analysts say is fundamental to re-election chances next year. (Photo by Tracey Nearmy/Getty Images)