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Labor has announced a three-pillar plan to secure $5 billion in budget savings across four years through new taxes and cuts to public service outsourcing which it says will fund its election commitments.
Inflation has surged amid increasing transport, food and housing costs, raising the prospect interest rates could be lifted when the Reserve Bank of Australia meets next week.
Pressure rises for Australians as inflation tips 5 pct-
Social security payments for pensioners, carers and jobseekers are set to increase from next week.
Annual increases in living costs ranged between 2.6 per cent for Employee households and 3.4 per cent for Age pensioner households in the December