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The Latest Breaking News from Jim Chalmers

The Albanese government is due to hand down its first budget in a little over a week. Here are the key details we already know.

AAP

Inflation still 'public enemy number one'

The inflation dragon is still breathing fire as the treasurer says higher-than-expected US inflation will have implications for Australia.

AAP

Debate on tax gets ugly as Sussan Ley takes on Teal independents

Deputy Liberal leader Sussan Ley attacked new teal MPs for opposing the stage-three tax cuts for high-income earners.

The New Daily

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Grattan on Friday: Government must find a way to force gas prices down – but how?

Senior ministers this week have dramatically raised the stakes in the Albanese government’s face-off with gas producers, amid escalating energy prices and dire warnings of worse to come. The question now is: how does the government follow through with effective action to match the rhetoric?

The Conversation

Budgets 'best buffer' to global recession

Headwinds facing the global economy require a coordinated international response, Jim Chalmers has told at a meeting of central bank and economic officials.

AAP

Treasurer Jim Chalmers warns of US recession prior to meeting with G20 counterparts

Treasurer Jim Chalmers acknowledges the "deteriorating global economy and rising inflation" would put pressure on his upcoming budget, ruling out changes to legislated stage 3 tax cuts.

ABC News

Labor ramps up pressure on gas industry as energy prices rise but stops short of price caps

Unions accuse resource minister Madeline King of signing ‘dud deal’ with multinational gas companies

The Guardian - AU

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Neutral cash rate 'guide' for reserve bank

Getting the cash rate back to neutral is more about the journey than the destination and the Reserve will be guided by changing economic conditions.

AAP

Coalition 'pet projects' on chopping block

The upcoming budget is expected to be an exercise in trimming waste and tightening spending across portfolios as taxpayers can expect modest savings.

AAP

Businesses lobby for carbon tariffs as Labor says Australia is ‘back in the game’ on climate

Federal treasurer Jim Chalmers to attend meeting of Coalition of Finance Ministers for Climate Action in Washington this week

The Guardian - AU

Australia predicted to avoid worst of downturn as IMF warns of global recession

Revenue boost will aid budget repair as ‘storm clouds’ loom over economy, Deloitte predicts

The Guardian - AU

Downturn budget won’t ‘spray cash’ on bill relief despite $114b boost

The federal government's budget is awash with $114 billion in new revenue, but Australians won't see much in terms of cost-of-living relief.

The New Daily

Chalmers flags gas action, with escalating power prices a cost-of-living nightmare for government

High and rising power prices will become a bigger part of Australia’s inflation problem over time, Treasurer Jim Chalmers has warned, as he foreshadowed more government action to combat high gas prices.

The Conversation

Treasurer says Australia likely to avoid recession but admits global economy is ‘dangerous’

Jim Chalmers says spiralling energy costs the most ‘problematic aspect of our inflation problem’ through to mid-2023

The Guardian - AU

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AAP

US rate hikes could fan local inflation

Treasurer Jim Chalmers is heading to Washington to take the temperature of the global economy before handing down his first budget.

The New Daily

Stage-three tax cuts spark bigger question about trust in government

Treasurer Jim Chalmers is bracing for grim news this week in Washington DC from the world’s pre-eminent financial movers and shakers.

The Guardian - AU

Defence projects suffer $6.5bn cost blowout as Marles promises more scrutiny in future

Minister takes aim at Coalition’s handling of defence projects, saying money was ‘flushed down the toilet’

The Conversation

Albanese insists tax position 'hasn't changed', as the government targets defence delays

Anthony Albanese on Sunday insisted the government’s intention to deliver the Stage 3 tax cuts has not changed, while he reinforced the expectation of deep spending cuts in this month’s budget to attack “waste”.

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The Guardian - AU

Stage-three tax cuts: what are they, how do they work and why do they exist?

They’re the biggest debating point ahead of the Labor government’s October budget, but what actually are the stage-three tax cuts?

The Guardian - AU

Growing number of Australians want the stage-three tax cuts scrapped, poll shows

Public opinion for repealing the package now sits at 48% as people become better informed about the consequences

The Guardian - AU

Wedged between the CPAC circus and the teals, will Peter Dutton wither or find a new way to live?

Could the Liberal party be co-opted by the rightwing fringe? It is structurally and institutionally weak after the May election loss

The New Daily

Michael Pascoe: Morrison heeded the Tooth Fairy when Treasury warned against tax cuts

In 2018, when Scott Morrison announced his tax-cut package, Treasury laid out in black and white the grounds for scrapping Stage Three

The Guardian - AU

Anthony Albanese leaves open possibility of changes to stage-three tax cuts

Prime minister says government ‘hasn’t changed our position’ but does not rule out doing so in future

The Guardian - AU

One-quarter of homeowners could be spending 30% of their income on loans by late-2023, RBA says

Reserve Bank warns households with high debt relative to income are ‘particularly vulnerable to shocks’

The Guardian - AU

Flood warnings for eastern states as Melbourne receives half a month’s rainfall in one hour – as it happened

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