The government is standing by its decision to not provide handouts for struggling families saying it will hurt them in the long run through rampant inflation.
Federal treasurer Jim Chalmers has laid the groundwork for future belt tightening in his first federal budget, while outlining cost of living help and extra spending on health and housing.
The head of the Reserve Bank of Australia has flagged more rate rises in coming months. However, RBA Governor Philip Lowe said the case for a slower pace of tightening was becoming stronger as the cash rate level rises.
Private school fees have spiked by more than 50 per cent over the last decade across Australia, with the heads of some institutions raking in salaries approaching $700,000.
The national average for unleaded petrol struck its second highest level in history last week, with every state and territory now paying more than $2 per litre, but there are signs of better times ahead for motorists.
Employment Minister Tony Burke does not believe wages growth is about to further fuel inflation, saying pay rates have suffered a decade of stagnation.
