Why Jim Chalmers can't stop smiling about his Budget update because of an 'invisible' cost YOU are getting stung with - and it's not interest rates
1 year, 3 months ago

Why Jim Chalmers can't stop smiling about his Budget update because of an 'invisible' cost YOU are getting stung with - and it's not interest rates

Daily Mail  

Labor is close to delivering its first consecutive Budget surpluses since the late 1980s - thanks to the axing of tax relief during a cost of living crisis. A second consecutive surplus would make him the first Labor treasurer since Paul Keating in the late 1980s to achieve this feat A second consecutive surplus is a feat Labor hasn't achieved since Paul Keating was treasurer and Bob Hawke was prime minister But Dr Chalmers was chief of staff to former Labor treasurer Wayne Swan in 2012 when he had to dump his promise of a surplus Budget, following a fall in tax revenue during Julia Gillard's troubled prime ministership. Tax relief axed Labor's first potential consecutive Budget surpluses in 35 years would be coinciding with Prime Minister Anthony Albanese's decision to discontinue the previous government's low and middle-income tax offset that gave relief of up to $1,500 for those earning $48,000 to $90,000. Labor's last consecutive Budget surpluses occurred in 1989 when interest rates hit 18 per cent and Dr Chalmers is aiming for that achievement in 2023 and 2024, after the Reserve Bank hiked interest rates 13 times in 18 months to a 12-year high of 4.35 per cent. Labor's first potential consecutive Budget surpluses since the late 1980s would be coinciding with Prime Minister Anthony Albanese 's decision to discontinue the previous government's low and middle-income tax offset that gave relief of up to $1,500 for those earning $48,000 to $90,000 Passport fee hike A 15 per cent increase in passport fees from July 1, 2024 is expected to raise $121.2million in 2024-25 and $349million over three years.

Labor Tax Budget Interest Rates Prime Minister Forecast Treasurer Surplus Dr Chalmers Paul Keating Jim Chalmers Consecutive This Financial Year  tax  interest  stop  prime  relief  rates  jim  budget  cost  invisible  smiling  labor  getting  treasurer  consecutive  revenue  forecast  surplus  stung  update

History of this topic

Jim Chalmers’ budget won't spook voters, but the nation’s finances remain on scarily unsustainable footing
4 days, 15 hours ago

Jim Chalmers’ budget won't spook voters, but the nation’s finances remain on scarily unsustainable footing

ABC  

As Katy Gallagher strode into the budget media briefing room alongside Treasurer Jim Chalmers, the finance minister was caught on microphone telling herself — or perhaps it was aimed at him — to "keep smiling". The budget that's avoiding a reality check Photo shows Side profile of Jim Chalmers This year's budget is being delivered at one of the most …

Labor to push tax cuts through parliament today, forcing Coalition's hand
4 days, 15 hours ago

Labor to push tax cuts through parliament today, forcing Coalition's hand

ABC  

Labor has introduced its tax cuts to parliament this morning and is attempting to force a swift vote, in a last-minute bid to force the Coalition to promise to repeal the cuts if it wins the upcoming election. Senator Jacqui Lambie told the ABC she would vote for the tax cuts, leaving the government within striking distance of passage, after …

Consider this budget Treasurer Jim Chalmers' refusal to sign a non-compete clause
5 days, 15 hours ago

Consider this budget Treasurer Jim Chalmers' refusal to sign a non-compete clause

ABC  

This budget comprises many pages, most of which will no doubt blow away in the gales of the imminent election campaign, but one conclusion is visible from space and should absolutely be noted: this is Jim Chalmers's formal refusal to sign a non-compete clause. Tuesday night's federal budget outlined billions of dollars worth of spending due to "unavoidable policy decisions". …

Federal budget winners and losers
5 days, 15 hours ago

Federal budget winners and losers

ABC  

Treasurer Jim Chalmers has handed down his fourth federal budget, laying the groundwork for a federal election campaign that could be called within days. Winner: Taxpayers The signature piece of this federal budget is a new round of income tax cuts, which the government will use to springboard into a federal election campaign. The prime minister has spent the past …

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

Budget 'sunshine' turns cloudy as deficits return, mid-year update to show
3 months, 1 week ago

Budget 'sunshine' turns cloudy as deficits return, mid-year update to show

ABC  

Labor's two years of "budgetary sunshine" will slide back into deficit days as Treasurer Jim Chalmers juggles falling commodity prices, weaker economic growth, higher spending and the need to fund pre-election household relief. After repeatedly this year celebrating the Albanese government turning "two big Liberal deficits into two big Labor surpluses", Mr Chalmers will confirm a string of shortfalls this …

Treasurer to unveil mid-year budget update
3 months, 1 week ago

Treasurer to unveil mid-year budget update

ABC  

Nick Grimm: The Treasurer will today unveil the mid-year budget update, which is expected to confirm the budget is heading back into years of deficits. Jim Chalmers says despite weak economic growth and falling commodity prices, the budget bottom line is an improvement on what Labor inherited. Jim Chalmers: Responsible economic management is the hallmark of the Albanese government and …

PETER VAN ONSELEN: The embarrassing list that Albanese and Chalmers do NOT want Aussies to see
3 months, 1 week ago

PETER VAN ONSELEN: The embarrassing list that Albanese and Chalmers do NOT want Aussies to see

Daily Mail  

On the eve of Treasurer Jim Chalmers handing down what is expected to be a horror mid-financial year economic update, The Economist journal has delivered a scathing assessment of the government's management of the Australian economy. Tomorrow, Chalmers will deliver his final economic update for the year, expected to reveal slow growth, rising deficits and out-of-control government spending in areas …

Treasurer blames $1.8bn budget 'slippage' on veteran payouts
3 months, 2 weeks ago

Treasurer blames $1.8bn budget 'slippage' on veteran payouts

ABC  

A worsening budget position to be handed down on Wednesday is due in part to $1.8 billion in extra money being paid out to veterans, the treasurer says. Treasurer Jim Chalmers blamed the former government denying entitlements claimed by veterans for the $1.8 billion slippage, which the government has committed to paying to clear a backlog of veteran claims. Treasurer …

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, 3 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 …

Economists warn mid-year federal budget to land with thud as good fortune runs out
4 months ago

Economists warn mid-year federal budget to land with thud as good fortune runs out

ABC  

The federal budget is sliding deeper into the red, Treasurer Jim Chalmers has confirmed, with next month's mid-year budget update to show a larger deficit than had been expected in May. The government delivered two consecutive budget surpluses in 2022-23 and 2023-24, which Mr Chalmers heralded as "the biggest turnaround in the budget in a parliamentary term in Australian history". …

Treasurer Jim Chalmers says government has work to do on cost of living measures
4 months, 2 weeks 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 …

Jim Chalmers tries to shut down shocking accusation about negative gearing leak with eight defiant words
6 months ago

Jim Chalmers tries to shut down shocking accusation about negative gearing leak with eight defiant words

Daily Mail  

Treasurer Jim Chalmers has celebrated a second consecutive Budget surplus and dismissed a Labor insider's claims of a deliberate leak against Anthony Albanese as 'not really worth getting too worried about it'. The Treasurer's announcement comes after Cameron Milner, who was chief-of-staff to former Labor leader Bill Shorten, suggested Dr Chalmers had last week deliberately timed a review into negative …

Final budget result delivers $15.8 billion 'back-to-back' surplus due to lower spending
6 months ago

Final budget result delivers $15.8 billion 'back-to-back' surplus due to lower spending

ABC  

A drop in spending has netted the federal government a $15.8 billion surplus for the most recent financial year, despite the government's tax take also falling in that time. However, internal analysis prepared for the Reserve Bank in June determined the government's budget for this financial year was expected to be "slightly expansionary", despite inflation still sitting above the RBA's …

Jim Chalmers had no way to sugar-coat the economy's GDP figure but there was also good news for the government
6 months, 3 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' …

Jim Chalmers blames interest rate rises for 'smashing' the economy, expects weak economic growth
6 months, 4 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 …

Labor's 'surplus' Budget is just smoke and mirrors - and Aussies should be worried... PETER VAN ONSELEN reveals the damning details that prove Australia is on the road to financial ruin
10 months, 1 week ago

Labor's 'surplus' Budget is just smoke and mirrors - and Aussies should be worried... PETER VAN ONSELEN reveals the damning details that prove Australia is on the road to financial ruin

Daily Mail  

This year's Budget highlighted just how fiscally doomed we are as a nation, even if the government attempted to hide the fact in plain sight. It wasn't the surplus for the coming financial year, the year all the new spending and tax cuts are slated to start. Treasurer Jim Chalmers announced a surplus for the financial year that is ending …

Treasurer Jim Chalmers's latest federal budget includes more than $80 billion of 'spending' not on the books
10 months, 2 weeks ago

Treasurer Jim Chalmers's latest federal budget includes more than $80 billion of 'spending' not on the books

ABC  

Governments on both sides of the political fence have long done it, and the current federal budget features the same old accounting trick where billions of dollars of spending are shifted off-balance sheet by classifying it as investment. In table 3.4 of the budget papers under "total net cash flows from investments in financial assets for policy purposes" there's more …

Federal budgets are always a balancing act, but can Jim Chalmers keep the economy afloat and inflation at bay?
10 months, 2 weeks 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, 2 weeks 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 …

Budget 2024: Jim Chalmers to deliver $9.3billion surplus... but there's bad news on the horizon
10 months, 2 weeks ago

Budget 2024: Jim Chalmers to deliver $9.3billion surplus... but there's bad news on the horizon

Daily Mail  

Treasurer Jim Chalmers will deliver back-to-back budgets in the black, with fresh forecasts of the nation's finances set to show a surplus of $9.3billion for the current fiscal year. Treasurer Jim Chalmers will deliver back-to-back budgets in the black, with fresh forecasts of the nation's finances set to show a surplus of $9.3bn for the current fiscal year Heralding the …

Budget forecasts faster inflation drop than expected by RBA as government defends figures
10 months, 2 weeks ago

Budget forecasts faster inflation drop than expected by RBA as government defends figures

ABC  

In short: Federal Treasurer Jim Chalmers says the budget will show government decisions have helped ease inflation. Tomorrow's budget will predict inflation under 3 per cent by Christmas, but also a slower-than-expected economy, as the federal government battles competing tasks of spurring growth and reining in rising costs. Dr Jackson noted the government had not yet published Treasury's full unemployment …

Federal budget to haul in extra cash once again, but less than in previous years
10 months, 3 weeks ago

Federal budget to haul in extra cash once again, but less than in previous years

ABC  

Next week's federal budget will once again collect more in tax than expected, raking in an extra $25 billion over the five-year budget forecasting period. The windfall is smaller than in the past six updates, prompting Treasurer Jim Chalmers to warn his third budget would be characterised by "intensifying, not easing" financial pressure to show fiscal restraint. He said this …

Treasurer alludes to major foreign investment reform, iron ore to affect budget surplus
11 months, 2 weeks ago

Treasurer alludes to major foreign investment reform, iron ore to affect budget surplus

ABC  

Treasurer Jim Chalmers has alluded to tax incentives targeted at certain industries in the May budget and an imminent overhaul of foreign investment laws, flagging the iron ore price could negatively influence a possible surplus. Mr Chalmers announced the biggest overhaul of merger laws to improve competition and Prime Minister Anthony Albanese announced the Future Made in Australia policy, which …

Good news on business tax revenues boosts Minnesota’s budget surplus to $3.7B
1 year, 1 month ago

Good news on business tax revenues boosts Minnesota’s budget surplus to $3.7B

Associated Press  

ST. PAUL, Minn. — Minnesota’s budget outlook has improved thanks to higher corporate profits, officials said Thursday as they projected a slightly bigger surplus that will give the Legislature a little bit more breathing room this session. “We made critical investments in our budget last year to grow our economy, lower costs for middle class families, from tax cuts to …

Dramatic moment ABC News Breakfast's Lisa Millar brutally cuts off Treasurer Jim Chalmers over Anthony Albanese's Stage Three tax cut broken promise
1 year, 2 months ago

Dramatic moment ABC News Breakfast's Lisa Millar brutally cuts off Treasurer Jim Chalmers over Anthony Albanese's Stage Three tax cut broken promise

Daily Mail  

ABC News Breakfast host Lisa Millar has grilled Treasurer Jim Chalmers over Anthony Albanese's broken election promise on tax cuts - hammering him with the PM's own claim that his 'word is his bond'. Mr Albanese will use a National Press Club address today to outline his case for overhauling the Stage Three tax cuts, which he had repeatedly insisted …

Government to overhaul stage 3 tax cuts, Jim Chalmers says changes will benefit 'many'
1 year, 2 months ago

Government to overhaul stage 3 tax cuts, Jim Chalmers says changes will benefit 'many'

ABC  

The government, in an election promise backflip, will overhaul stage 3 tax cuts, leaving most Australians with extra cash in their pocket when the measures take effect in July. Treasurer Jim Chalmers told 7.30 the government had changed its view on the cuts because it had found "a better way to provide more cost of living relief to more people". …

Treasurer Jim Chalmers under pressure to change stage three tax cuts that would millions of Aussies
1 year, 7 months ago

Treasurer Jim Chalmers under pressure to change stage three tax cuts that would millions of Aussies

Daily Mail  

Treasurer Jim Chalmers is adamant the stage three tax cuts will go ahead despite a call from an influential trade union for them to be radically changed. 'The government's position on the stage three tax cuts hasn't changed but we welcome and embrace people having the opportunity to raise these sorts of issues at our national conference,' he said on …

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 …

Chalmers's federal budget may only deliver one year of surplus, but that's enough to bring on a political shift
1 year, 10 months ago

Chalmers's federal budget may only deliver one year of surplus, but that's enough to bring on a political shift

ABC  

There are probably only so many forms of words a treasurer can use in a budget. But if you are a big enough budget nerd to go looking at former Labor treasurer Wayne Swan's first budget speech in 2008, the similarities in the messages between then and the speech delivered last tonight by Swan's long-time staffer — and now treasurer …

Budgets are about choices and Jim Chalmers's are obvious: Truck Man out, poorest Australians in
1 year, 10 months ago

Budgets are about choices and Jim Chalmers's are obvious: Truck Man out, poorest Australians in

ABC  

Where are you, Truck Man? The budget's big choice Of the five biggest new single expenditure measures in this document, all five — $5.6 billion for bulk billing, $4.6 billion for increasing JobSeeker and other welfare payments, $2.7 billion for rent assistance, $1.9 billion for single parents and $1.5 billion for energy price relief — are aimed at the poorest …

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 …

First surplus in 15 years expected as Albanese government delivers second budget
1 year, 10 months ago

First surplus in 15 years expected as Albanese government delivers second budget

ABC  

The federal government is forecasting a small budget surplus of about $4 billion this financial year, the first in 15 years. Key points: A small federal budget surplus is expected this financial year More deficits are predicted over the forward estimates The government will return 82 per cent of revenue upgrades to the budget bottom line If realised, Jim Chalmers …

Federal budget tax windfall mostly pocketed to wipe out deficit, Treasurer says
1 year, 10 months ago

Federal budget tax windfall mostly pocketed to wipe out deficit, Treasurer says

ABC  

The federal treasurer has banked a boon to the government's coffers from higher commodity prices and more people paying tax, as the government readies to unveil what could be the first surplus budget in 15 years. Key points: A tax windfall will mostly be pocketed to help bring the federal budget towards surplus A surplus budget has not been delivered …

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, 5 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. …

Federal budget 2022: Winners and Losers
2 years, 5 months ago

Federal budget 2022: Winners and Losers

ABC  

After 10 years out of government, Treasurer Jim Chalmers has delivered Labor's first budget since its election victory in May. Winner: Families One of the centrepieces of the government's budget — and its election campaign — is its $4.7 billion spend on child care over the next four years. $1.7 billion over six years will be going towards women's safety …

Treasurer Jim Chalmers reveals workers' pay will go backwards until 2024-25 ahead of federal budget announcement
2 years, 5 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 faces problems with spending, revenue and wellbeing in his first budget
2 years, 5 months ago

Jim Chalmers faces problems with spending, revenue and wellbeing in his first budget

ABC  

After a brief flirtation with pruning stage 3 tax cuts, Jim Chalmers has reverted this week to playing down expectations for his first budget. Ahead of delivering his first budget next Tuesday, Jim Chalmers has given himself room to do the things a treasurer needs to do — including cancelling decisions in his predecessor's budget. More spending is also unavoidable …

Australia needs an honest conversation about tax and budgets – and Jim Chalmers is ready to talk
2 years, 5 months ago

Australia needs an honest conversation about tax and budgets – and Jim Chalmers is ready to talk

ABC  

Jim Chalmers is a wily operator. COVID changed everything – except the tax cap Just about every fairly foreseeable crisis couldn't be responded to, if the assumptions in the 2019 budget were to be believed. A separate "tax cap" set out in the budget said the government would never collect more than an arbitrarily chosen 23.9 per cent of GDP. …

Treasurer Jim Chalmers warns of global economy's 'perilous path' ahead of federal budget
2 years, 5 months ago

Treasurer Jim Chalmers warns of global economy's 'perilous path' ahead of federal budget

ABC  

Australia's economic outlook faces downgrades in the Albanese Government's first budget next week, with Treasurer Jim Chalmers cautioning the global economy is treading an "increasingly perilous path". Key points: Treasurer Jim Chalmers says Australia "will not be spared from the consequences of a global slowdown" The government is expected to make spending announcements this week before next Tuesday's budget The …

Treasurer Jim Chalmers flags new budget strategy, but tax cap 'plucked from the air' can stay for now
2 years, 6 months ago

Treasurer Jim Chalmers flags new budget strategy, but tax cap 'plucked from the air' can stay for now

ABC  

The Albanese government's first federal budget will include a significant rewriting of official budget guidelines and will Key points: Treasurer Jim Chalmers will hand down the Albanese government's first budget in October He says Australia's downgraded growth would have "consequences for unemployment" He confirms the "Stage 3" income tax cuts legislated by the Morrison government will go ahead as planned …

Jim Chalmers paints a bleak economic picture, with inflation to spike and GDP to fall. Can he hold the public's trust?
2 years, 8 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 …

Jim Chalmers says the current government has taxed, borrowed and spent more than Labor did. Is that correct?
2 years, 11 months ago

Jim Chalmers says the current government has taxed, borrowed and spent more than Labor did. Is that correct?

ABC  

The claim As the federal election campaign swings into gear, the focus of each of the major political parties has been on its opponent's economic track record. The figures Consistent with previous practice, Fact Check has used the budget category "Australian Government general government sector taxation receipts" to assess the claim from Mr Chalmers that the Coalition has "taxed more" …

Update shows $7 billion budget improvement as economy recovers from COVID-19 recession
3 years, 3 months ago

Update shows $7 billion budget improvement as economy recovers from COVID-19 recession

ABC  

A quicker-than-expected economic recovery from the COVID-19 recession has added billions to the government’s bottom line, but that’s unlikely to be felt by workers anytime soon, with the cost of living slated to outstrip wage growth in the coming months. Key points: Higher living costs are expected to outpace wage growth this financial year Extra billions coming into government coffers …

Minnesota budget officials project huge $7.7 billion surplus
3 years, 3 months ago

Minnesota budget officials project huge $7.7 billion surplus

Associated Press  

ST. PAUL, Minn. — Minnesota officials will release an updated budget forecast on Tuesday that’s expected to show further improvements and set the stage for the 2022 legislative session. This will be the first major revenue-and-spending forecast since projections from Minnesota Management and Budget in February, when an anticipated $1.3 billion deficit due to the pandemic swung to a $1.6 …

Discover Related