Jim Chalmers promises cost-of-living relief for all ages as speculation on surplus intensifies

With inflation having reached its peak, real wage growth is now expected by early 2024 and unemployment to peak at 4.5% in 2024-25.

Chalmers revealed updated forecasts on wages, with real wage growth of 0.75% for the year to June 2024, up half a point since the October budget, and on unemployment, predicted to be 3.5% in the June quarter of 2023 and 4.25% in the June quarter of 2024, both an improvement of a quarter point since October.

Guardian Australia and other outlets have reported that the increase in the jobseeker base rate is likely to be limited to people aged over 55.