Australian wages are now expected to overtake inflation by 2024 - which means workers will no longer be suffering an effective pay cut. Labor will also deliver its first surplus Budget since 1989.
The websites for Prime Minister Anthony Albanese and the Labor Party have deleted references to an election promise to cut average electricity bills by $275 come 2025.
Australian consumers are spending $7,844 more on essential bills than they were a year ago. The Institute of Public Affairs calculated increases in 11 categories with inflation at a 32-year high.
Borrowers have already been forced to contend with six consecutive monthly interest rate rises since May, with a seventh straight increase in November regarded as a near certainty.