The Albanese government will hand down its third federal budget on Tuesday and faces a number of economic and social challenges for its spending plans.
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KEY SHORT- AND LONG-TERM CHALLENGES
*Inflation that's moderating but still too high
*Elevated interest rates and a risk they stay higher for longer
*A strong but softening jobs market
*Weak economic growth
*Lacklustre household spending
*Sluggish productivity growth
*An array of global economic challenges, including volatility in oil markets and a troubled Chinese economy
*Strong population growth, which adds to labour supply but is also extra demand for housing in a tight market
*Pressure to do more to prevent domestic violence
*Pressure to help low-income Australians with the cost of living, including lifting Jobseeker payments
*Climate change and the net zero transition
*An ageing population
*Rising geopolitical instability
Australian Associated Press
