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(generated from captions) This program is captioned live. Wayne Swan's first Budget, and $22 billion surplus, with its tax cuts has been well received, but the Treasurer admits still has a long way to go. the fight to contain inflation A short time ago the Treasurer spoke with our political editor, Paul Bongiorno.

Thanks for joining us, Treasurer. It's great to be here, Paul. would want to know A lot of the punters the price of petrol and groceries. what your Budget will do to address it does is that Well, the most important thing and delivered them - we have made all of our commitments we've promised, we are giving the tax cuts tax rebates that we promised, we're giving the education child care assistance we are giving the additional that we promised. are really eating away We understand that prices of average people - at living standards the Senate piece of the Budget that's one of the reasons by very big spending cuts, is to try and tackle inflation public demand. to take the pressure off only to fall slightly - But you're forecasting inflation

safety zone by June next year? it'll still be outside the Bank's very entrenched in recent years, Because it's become we have to tackle inflation, the centrepiece of this Budget. that's why we've made it at a variety of levels. We've got to deal with it worth of spending cuts We've got $7 billion for the longer term, but also on the other side, for the future putting in place investment of the country that expands the productive capacity in funding education and training. when it comes to road, rail, ports By your own reckoning will be out of work next year. about 50,000 more Australians What you say to that? of eight interest rate rises That's a consequence and the slowing world economy and what I say to them is that we have to control inflation

because if we don't and higher unemployment. we'll have higher interest rates the central feature of this Budget. That is why tackling inflation is but you have still increased it - You have cut the rate of spending it is still increasing. Shouldn't you have done more about inflation? if you're really serious if we really slam the brakes Paul, we really have to be careful - you may have consequences We have a complex in situation -

elevated domestic inflation, on the one hand, in the international economy on their other, uncertainty and a slowing world economy. the right balance there. I think we have struck in your Budget, do you think? Is that the biggest risk balance in terms of our surplus I think we have struck the right heading. in terms of where we see the economy it has taken a long time to build, We have to tackle inflation - to deal with it's going to take some time we're looking to the future but at the same time by that investment

infrastructure that is so vital. in that critical economic and family tax benefit B - Means testing the baby bonus why isn't that a broken promise? you said you'd maintain it - We heard nothing about it, you've changed it. family tax benefit B. and we said we would means test during the election campaign. We said that to $5,000 We have increased the baby bonus as well. but we have means-tested that Why have we done that? we said, When we look to the arrangements, afford to be making welfare payments "The country into the future cannot "to people on combined incomes we celebrate and we respect Those are people whose achievements but as a country transfer payments to those people? can we really afford to be making I don't think we can. Treasurer, thank you. Thank you.