Treasurer Jim Chalmers all smiles as he says 'worst of inflation challenge' behind us — as it happened
1 month, 3 weeks ago

Treasurer Jim Chalmers all smiles as he says 'worst of inflation challenge' behind us — as it happened

ABC  

There's no doubting it: this is a good inflation number, and that's good news for the federal government. Inflation on the Reserve Bank's preferred measure is now very close to its target range, and a cut may not be assured, but it's definitely on the table, either at the February meeting or in April. But he also boasted Australia will be a world beater if it can vanquish inflation without an unemployment spike. It was a tougher task for Angus Taylor, who tried to emphasise the negatives but got himself a little stuck when he complained prices "weren't coming down".

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Jim Chalmers gloats the worst of the cost-of-living crisis is over... but these bleak figures reveal why millions of Aussies are still not celebrating
1 month, 3 weeks ago

Jim Chalmers gloats the worst of the cost-of-living crisis is over... but these bleak figures reveal why millions of Aussies are still not celebrating

Daily Mail  

Treasurer Jim Chalmers says the worst of the inflation crisis is over, despite new evidence showing one in two Australians are cutting back on groceries. Among this group of unprepared borrowers, almost half or 48 per cent of them had cut back on spending for essential items, like groceries and power bills despite the federal government's $300 electricity rebates. Treasurer …

Chalmers declares worst of inflation battle 'well and truly behind us'
1 month, 3 weeks ago

Chalmers declares worst of inflation battle 'well and truly behind us'

ABC  

Jim Chalmers would make a lousy poker player. Despite a senior cabinet minister admitting privately to this writer that Labor can ill-afford wanton displays of hubris at the prospect of looming interest rate relief — after all, too many households are still in pain — the treasurer struggled to contain his glee over Wednesday's inflation data. Like a man settling …

STEPHEN JOHNSON: Albo has wrecked our economy and left us poorer than we were seven years ago - here are the two major changes he needs to make NOW
3 months, 2 weeks ago

STEPHEN JOHNSON: Albo has wrecked our economy and left us poorer than we were seven years ago - here are the two major changes he needs to make NOW

Daily Mail  

Anthony Albanese is Australia's worst economic manager in more than a generation - and that's no exaggeration. Under Labor's watch, Australians have suffered the world's biggest plunge in disposable incomes among OECD nations, and households have less money to spend than they did seven years ago. Now Treasurer Jim Chalmers has taken the extraordinary step of blaming spending by the …

Treasurer makes economic pitch
4 months ago

Treasurer makes economic pitch

ABC  

Rachel Mealey: Hello welcome to PM, I'm Rachel Mealey coming to you from the lands of the Turrbal and Yuggera people in Brisbane. David Taylor: The Treasurer also says while the budget bottom line's improving thanks to a better tax take, it'll likely still come in deep in the red. Luke Siddham-Dundon: But she says the instructions don't give people …

Treasurer Jim Chalmers says government has work to do on cost of living measures
4 months, 1 week ago

Treasurer Jim Chalmers says government has work to do on cost of living measures

ABC  

Treasurer Jim Chalmers says the government knows there is still a lot of ground to make up when it comes to cost of living relief for Australians despite having released a raft of packages to ease the burden of inflation. Mr Chalmers's admission on 7.30 came one day after Opposition Leader Peter Dutton borrowed a line from US president-elect Donald …

Reserve Bank boss Michele Bullock mocks Treasurer Jim Chalmers with three cutting words
5 months, 3 weeks ago

Reserve Bank boss Michele Bullock mocks Treasurer Jim Chalmers with three cutting words

Daily Mail  

Reserve Bank chief Michele Bullock has openly mocked Treasurer Jim Chalmers by suggesting she could hypothetically 'smash the economy' with more rate rises. But Ms Bullock has weaponised Dr Chalmers's critique of the most aggressive rate rises in a generation, just three weeks after the Treasurer accused the Reserve Bank of 'smashing the economy'. Reserve Bank chief Michele Bullock told …

Jim Chalmers insults Peter Dutton's 'negativity' and Angus Taylor's 'weakness' after failing to agree on Reserve Bank reforms
6 months, 1 week ago

Jim Chalmers insults Peter Dutton's 'negativity' and Angus Taylor's 'weakness' after failing to agree on Reserve Bank reforms

ABC  

Treasurer Jim Chalmers has launched an extraordinary broadside at his Coalition counterpart for "weakness" in convincing his party to adopt reforms to the Reserve Bank. Mr Chalmers called a press conference in the "blue room" of Parliament House, usually reserved for policy announcements, to attack Shadow Treasurer Angus Taylor and his party leader Peter Dutton after failing to find agreement …

Labor is leaning into an assault on the 'barbarians' at the bank. It may be great politics, but the economics are trickier
6 months, 2 weeks ago

Labor is leaning into an assault on the 'barbarians' at the bank. It may be great politics, but the economics are trickier

ABC  

There's plenty of buyer's remorse inside Labor these days. Treasurer Jim Chalmers has blamed successive interest rate rises for "smashing the economy", as the government braces for more weak economic figures due this week. Failure to bring inflation back to the bank's 2 per cent to 3 per cent target range would ultimately force the Reserve Bank to "slow the …

Jim Chalmers had no way to sugar-coat the economy's GDP figure but there was also good news for the government
6 months, 2 weeks ago

Jim Chalmers had no way to sugar-coat the economy's GDP figure but there was also good news for the government

ABC  

There was no way of sugar-coating the latest dismal figure on the economy: Growth was barely positive. Australia's economy growing at slowest pace since 1990s recession Photo shows People walking in Brisbane's Queen Street Mall As Australia's economy grows at its slowest pace since the 1990s recession, consumers place more "focus on affordability". Treasurer blames interest rate rises for 'smashing' …

Australia’s economy posts worst performance since 1992, excluding pandemic
6 months, 2 weeks ago

Australia’s economy posts worst performance since 1992, excluding pandemic

Al Jazeera  

Australia’s economy has posted its worst performance in more than 30 years, excluding the first year of the COVID-19 pandemic. Australia’s gross domestic product expanded by just 0.2 percent in the April-June period and 1 percent over the last year, the Australian Bureau of Statistics said on Wednesday. Australia’s post-COVID recovery is struggling after the central bank raised interest rates …

Australia's economy growing at slowest pace since 1990s recession, as households cut back on spending
6 months, 2 weeks ago

Australia's economy growing at slowest pace since 1990s recession, as households cut back on spending

ABC  

Australia's economy grew by 0.2 per cent in the June quarter, and 1 per cent over the last year, according to the Australian Bureau of Statistics. But the RBA's latest forecasts anticipated that Australia's economy would record an annual growth rate of 0.9 per cent in the June quarter, as a consequence of its attempt to squeeze inflation out of …

PETER VAN ONSELEN: Australia's economy is far from flourishing. So what does Jim Chalmers do? Blame someone else much more qualified than himself, of course
6 months, 2 weeks ago

PETER VAN ONSELEN: Australia's economy is far from flourishing. So what does Jim Chalmers do? Blame someone else much more qualified than himself, of course

Daily Mail  

The late American political satirist PJ O'Rourke once said that blaming central banks for high interest rates is like blaming your bathroom scales for putting on weight. That's exactly what Treasurer Jim Chalmers did last night when he accused the Reserve Bank of Australia of 'smashing' the economy with its interest rates strategy. Treasurer Jim Chalmers attacks the RBA for …

Jim Chalmers blames interest rate rises for 'smashing' the economy, expects weak economic growth
6 months, 2 weeks ago

Jim Chalmers blames interest rate rises for 'smashing' the economy, expects weak economic growth

ABC  

Treasurer Jim Chalmers has blamed successive interest rate rises for "smashing the economy", as the government braces for more weak economic figures due this week. Ahead of the release of the latest economic growth figures on Wednesday, Mr Chalmers said the government was focused on walking the tightrope of bringing down inflation without further pressuring people "already being hammered by …

PETER VAN ONSELEN: Jim Chalmers' excuses for Australia's inflation crisis spectacularly unravel - with two key stats easily blowing apart the garbage Treasurer is peddling
7 months, 3 weeks ago

PETER VAN ONSELEN: Jim Chalmers' excuses for Australia's inflation crisis spectacularly unravel - with two key stats easily blowing apart the garbage Treasurer is peddling

Daily Mail  

Treasurer Jim Chalmers wants you to believe that rising inflation isn't his fault. Under pressure: Jim Chalmers' excuses for Australia's 'sticky' inflation crisis are unravelling He wants you to focus on the fact inflation is lower now than when Labor came to power. In other words Australia's rising inflation - a quarterly adjusted figure of 3.8 per cent - is …

Jim Chalmers makes blunt admission about inflation - as fears mount over another interest rate rise
8 months, 3 weeks ago

Jim Chalmers makes blunt admission about inflation - as fears mount over another interest rate rise

Daily Mail  

Jim Chalmers says he expects inflation will be tamed, but admitted it will not be a straightforward process after the May figure hit four per cent. Dr Chalmers acknowledged many households are 'under the pump' because of higher cost of living pressures and interest rates, but he said he expected the government's policies to be 'helpful in the fight against …

Spare us the talk about a wages explosion. There's nothing wrong with lifting Australia's lowest wages in line with inflation
9 months, 2 weeks ago

Spare us the talk about a wages explosion. There's nothing wrong with lifting Australia's lowest wages in line with inflation

ABC  

What is it with the Coalition and wages? Now, two years on, after yet another Fair Work Commission decision that lifted award wages in line with inflation, the Coalition has returned to the fray. On Monday, shadow finance minister Jane Hume asked Treasury Secretary Steven Kennedy at a Senate hearing how he could support a wage increase linked to inflation …

Federal budgets are always a balancing act, but can Jim Chalmers keep the economy afloat and inflation at bay?
10 months, 1 week ago

Federal budgets are always a balancing act, but can Jim Chalmers keep the economy afloat and inflation at bay?

ABC  

Federal budgets have always been a juggling act, an attempt at trying to balance competing interests. Budget forecasts faster inflation drop than expected by RBA Photo shows Katy Gallagher and Jim Chalmers walk on the grass on top of Parliament House The outlook for Australia's economic growth is worsening and inflation forecasts remain uncertain as the federal government battles to …

Federal Budget 2024 LIVE updates: Treasurer Jim Chalmers has delivered the Budget he hopes will serve up election victory - here's everything you need to know
10 months, 1 week ago

Federal Budget 2024 LIVE updates: Treasurer Jim Chalmers has delivered the Budget he hopes will serve up election victory - here's everything you need to know

Daily Mail  

Treasurer Jim Chalmers' Budget, set to be handed down at 7.30pm, will either make or break Labor chances of being re-elected next year. Ahead of Tuesday night's Budget, Labor has revealed Treasury is now very optimistically expecting inflation to fall back within the Reserve Bank's 2 to 3 per cent target by December 2024 - a year earlier than the …

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse
1 year ago

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse

ABC  

The softening-up process is already underway. There's now every possibility the GDP numbers could tip negative, giving the first real indication that Australia's economy is shrinking under the weight of 13 interest rate hikes in quick succession. The RBA lifted the cash rate to 4.35 per cent last November, but it hasn't fully flowed through to the whole economy. Prepare …

Inflation figures Australia: Major development in country's cost of living battle
1 year, 1 month ago

Inflation figures Australia: Major development in country's cost of living battle

Daily Mail  

Inflation has fallen significantly to a two-year low just months before lower and middle-income Australians are due to receive bigger tax cuts. This was the lowest headline inflation rate since December 2021, when it was at 3.5 per cent following the lockdowns in Sydney and Melbourne but before Russia's Ukraine invasion pushed petrol prices above $2 a litre. Inflation has …

As Jim Chalmers steps ever so slightly away from the Reserve Bank, there are so many economic policy areas to step towards
1 year, 4 months ago

As Jim Chalmers steps ever so slightly away from the Reserve Bank, there are so many economic policy areas to step towards

ABC  

Treasurer Jim Chalmers constantly refers to our central bank these days as "the independent" central bank. "This afternoon the independent Reserve Bank has increased interest rates by 25 basis points to 4.35 per cent," Chalmers told a press conference on Tuesday afternoon. What's more, the Statement on Monetary Policy — the Reserve Bank's quarterly economic assessment of where things are …

Treasurer Jim Chalmers concedes Australia risks missing its climate targets
1 year, 4 months ago

Treasurer Jim Chalmers concedes Australia risks missing its climate targets

ABC  

Federal Treasurer Jim Chalmers has acknowledged Australia is behind in efforts to meet climate targets, signalling a need for more public and private investment to catch up. Key points: Australia appears unlikely to meet its 2030 climate targets on its current trajectory The federal treasurer has acknowledged Australia is behind on its renewables targets He has signalled more investment in …

Australia's easing inflation has given the government hope – but there's a long way to go until victory can be declared
1 year, 7 months ago

Australia's easing inflation has given the government hope – but there's a long way to go until victory can be declared

ABC  

It's a long while since the treasurer has been able to use those words when talking about inflation. There's been undeniable pain along the way for all those hit by higher rates, but the unemployment rate, remarkably, remains at near record lows of 3.5 per cent. Loading The political arm-wrestling goes on The economy, for now at least, remains well …

Did Treasurer Jim Chalmers keep his facts straight in this week's budget speech?
1 year, 10 months ago

Did Treasurer Jim Chalmers keep his facts straight in this week's budget speech?

ABC  

Treasurer Jim Chalmers delivered the Albanese government's second budget earlier this week, balancing cost-of-living relief against the need to rein in inflation. And the Australian Bureau of Statistics' wage price index shows that 2012 was indeed the last time wages experienced similar growth, when it recorded a 3.8 per cent increase. And while Treasury's forecasts have a history of being …

Federal budget 2023: Does a budget focused on the cost of living mean inflation and interest rates could get worse?
1 year, 10 months ago

Federal budget 2023: Does a budget focused on the cost of living mean inflation and interest rates could get worse?

ABC  

Treasurer Jim Chalmers is adamant his second budget will not make Australia's inflation problem worse while providing cost of living relief — but economists are divided about whether that confidence is misplaced. Key points: Some economists believe the spending will not have an impact on inflation, but others warn another rate rise could be on the horizon Treasurer Jim Chalmers …

Jim Chalmers's budget surplus was a surprise so where has the money come from?
1 year, 10 months ago

Jim Chalmers's budget surplus was a surprise so where has the money come from?

ABC  

It has been billed as the turnaround of the century. Suddenly, that's magically transformed into a $4.2 billion surplus for this financial year, the first time we've seen federal budget black ink since 2008, when Treasurer Jim Chalmers was then-treasurer Wayne Swan's brains trust. If you can believe the forecasts — and let's face it, just a few months back …

Treasurer Jim Chalmers insists nation's most vulnerable will be supported in federal budget
1 year, 10 months ago

Treasurer Jim Chalmers insists nation's most vulnerable will be supported in federal budget

ABC  

Some of the nation's most vulnerable people will be the recipients of cost of living support in next week's federal budget, as the government seeks to support Australians doing it tough amid soaring inflation. Key points: The treasurer says the budget will include $112 billion in debt interest payments over the next four years He says the government is contending …

Presented with a JobSeeker finding too clear to ignore, he changed the subject: how Jim Chalmers is shaping the budget
1 year, 10 months ago

Presented with a JobSeeker finding too clear to ignore, he changed the subject: how Jim Chalmers is shaping the budget

ABC  

What was Treasurer Jim Chalmers thinking? A group of Labor backbenchers, including two first-time MPs, sign an open letter calling for a lift to the JobSeeker rate as the federal government finalises next month's federal budget. Whereas a quarter of a century ago Australia's unemployment payment was roughly in line with the pension, decades of lifting one in line with …

Treasurer Jim Chalmers plays down recession fears on Q+A as energy costs and inflation continue to rise
2 years, 4 months ago

Treasurer Jim Chalmers plays down recession fears on Q+A as energy costs and inflation continue to rise

ABC  

Treasurer Jim Chalmers has told ABC's Q+A he does not believe Australia is headed for its a recession, despite a worsening global economic outlook. Key points: Jim Chalmers said he hopes to introduce regulations to stem the rising cost of energy by Christmas The Treasurer said Australia becoming a republic is on the agenda Mr Chalmers said he does not …

The federal budget had 'tough decisions' — but it's crunch time for Australians, too
2 years, 4 months ago

The federal budget had 'tough decisions' — but it's crunch time for Australians, too

ABC  

Treasurer Jim Chalmers said his first budget was one of "hard decisions for hard times". It's no surprise then that one of the budget's central points was a five-point plan for cost of living relief, including cheaper childcare, expanded parental leave, more affordable housing, cheaper medicine, and an already received 5.2 per cent wage increase for the lowest paid workers. …

Treasurer Jim Chalmers reveals workers' pay will go backwards until 2024-25 ahead of federal budget announcement
2 years, 4 months ago

Treasurer Jim Chalmers reveals workers' pay will go backwards until 2024-25 ahead of federal budget announcement

ABC  

Treasurer Jim Chalmers says his first budget will be "family-friendly" but has conceded that wage growth is not expected to match the rising cost of living until the year after next at the earliest. Key points: Inflation is expected to reach 7.75 per cent in December Treasurer Jim Chalmers says it is the "primary influence" on the latest federal budget, …

Jim Chalmers paints a bleak economic picture, with inflation to spike and GDP to fall. Can he hold the public's trust?
2 years, 7 months ago

Jim Chalmers paints a bleak economic picture, with inflation to spike and GDP to fall. Can he hold the public's trust?

ABC  

Jim Chalmers delivers bad economic news well, which is a good thing because there's a great deal of it about, with a lot more to come. After Wednesday's release of the 6.1 per cent inflation figure, he told a news conference: "A lot of people are living pay cheque to pay cheque for whom this inflation will be devastating because …

A 'difficult' day for homeowners as Treasurer Jim Chalmers predicts more pain before inflation is brought under control
2 years, 9 months ago

A 'difficult' day for homeowners as Treasurer Jim Chalmers predicts more pain before inflation is brought under control

ABC  

The federal Treasurer has dubbed a rise in interest rates as "difficult news" for home owners and foreshadowed life in Australia is set to become even more expensive. Key points: Treasurer Jim Chalmers says the cost-of-living crisis has been brewing for a long time and there is no quick fix He says the high rates will make it more expensive …

Why Labor's doom and gloom about surging inflation could weaken the economy
2 years, 9 months ago

Why Labor's doom and gloom about surging inflation could weaken the economy

Daily Mail  

Labor's pessimistic tone about 'skyrocketing' inflation could potentially weaken the economy if it made worried consumers spend less. A 5.1 per cent headline inflation surge in the year to March was the worst since 2001 and at a level well above the RBA's 2 to 3 per cent target, as a result of global supply chain pressures and $2 a …

Labor Treasurer Jim Chalmers economy electricity prices inflation petrol increase GDP house market
2 years, 9 months ago

Labor Treasurer Jim Chalmers economy electricity prices inflation petrol increase GDP house market

Daily Mail  

Australian electricity bills are expected to double in July following a surge in wholesales prices with new Treasurer Jim Chalmers warning of 'skyrocketing inflation'. Scroll down for video Australian electricity bills are expected to double in July following a surge in wholesales prices with new Treasurer Jim Chalmers warning of 'skyrocketing inflation ' PERFECT STORM OF ECONOMIC BAD NEWS PRICEY …

Treasurer concedes coronavirus economic figures 'sobering' as Australia faces largest deficit in history
4 years, 10 months ago

Treasurer concedes coronavirus economic figures 'sobering' as Australia faces largest deficit in history

ABC  

The Federal Treasurer has outlined what he has dubbed a "sobering" economic outlook on a day when he had long hoped to deliver Australia's first budget surplus in more than a decade. Key points: The Federal Budget was due to be released on Tuesday but was delayed because of coronavirus Last year, the Government pledged it would deliver a surplus …

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