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The Latest Breaking News from Jim Chalmers

Federal budget $27bn in the red and won’t return to balance for a decade, Myefo forecasts

Budget downgrade blamed on Australian economy being hit harder than anticipated by higher interest rates, cost of living pressures and global uncertainty

The Guardian - AU

Deficits dig deeper holes as cracks appear in budget

Australia is on track for a soft economic landing despite budget deficits set to widen as spending grows and tax receipts fall, Treasurer Jim Chalmers says.

AAP

Major damage in Vanuatu earthquake, deaths feared

A response effort is underway in Port Vila after a 7.3 magnitude earthquake struck off the coast of Vanuatu.

AAP

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PM says Australia stands ‘ready to assist’ Vanuatu after earthquake – as it happened

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The Guardian - AU

Chalmers unveils new look Reserve Bank, with women in the majority on both its boards

A person with long experience in the financial services sector, Marnie Baker, and a distinguished academic economist, Renée Fry-McKibbin, have been appointed to serve on the Reserve Bank’s new monetary policy board:

The Conversation

Jim Chalmers reveals two appointments to Reserve Bank’s new board tasked with setting interest rates

Renée Fry-McKibbin and Marnie Baker will sit on the RBA’s new board, which follows the government’s reform of the central bank

The Guardian - AU

Rail unions back fresh industrial action across Sydney train network in lead-up to New Year’s Eve – as it happened

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The Guardian - AU

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Mining export slump puts federal budget in the doldrums

Economic headwinds from China has sparked a major downgrade to Australia's budget position, limiting the government's ability to support struggling households.

AAP

Australian mining exports could plunge $100bn over four years due to China slowdown, budget update suggests

Company tax receipts to be revised downwards for the first time since 2020, mid-year budget update reveals

The Guardian - AU

More spending and weaker revenue hits budget bottom line in some years: Chalmers

Wednesday’s mid-year budget update will downgrade company tax receipts by $8.5 billion over the four years to 2027-28, and show “slippage’ in the bottom line in some years of the forward estimates, Treasurer Jim Chalmers says.

The Conversation

Jim Chalmers says Coalition’s nuclear plan represents $4tn hit to economy by 2050

Federal treasurer also reveals mid-year budget update out this week will show bigger deficits than May papers

The Guardian - AU

Coalition's nuclear plan would hit economy: Chalmers

The coalition's nuclear energy plan will hit the Australian economy by trillions, the treasurer warns, as Labor defends the action taken to lower power bills.

AAP

Michele Bullock’s ‘wild ride’ at the RBA could spell trouble for Labor if interest rate cuts aren’t on the way

Growth has slowed but employment is up – could the new year bring mortgage repayment relief?

The Guardian - AU

Lifeline has offered a solemn reality check. Money worries are high – so what will the government do?

The economic picture that emerged this week reflects the pressures many Australians are facing – and the crux of the next election

The Guardian - AU

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The Conversation

Grattan on Friday: frustrated government can only bite its tongue as it waits on Michele Bullock

As she reads the economic commentators, Reserve Bank Governor Michele Bullock might, in moments of doubt, wonder whether she’s making a similar misjudgement to her predecessor Philip Lowe.

AAP

Economy yet to shake malaise as growth misses forecasts

The Australian economy is growing slowly with government support, with energy rebates effectively transferring household spending to the public purse.

AAP

Hint of consumer recovery to keep RBA focused on prices

Australia's retail sales enjoyed a boost from an early start to Black Friday discounting and recovering bank balances following tax cuts.

AAP

Australian economy still limping along, data may show

New data is expected to show the national economy continues to be sluggish, in line with Treasurer Jim Chalmers' warning in parliament last month.

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The Guardian - AU

‘Getting things done’ a fitting mantra for the tidal wave of laws the government pushed through in one week

Frustrated that his agenda was stuck in the Senate, the prime minister decided it was time for recalcitrants to be forced to the table – and it worked

The Conversation

Grattan on Friday: Albanese gets down and dirty in deal making and breaking as Senate rushes to Christmas finish

In the chaotic dying days of 2024’s final parliamentary sitting, Prime Minister Anthony Albanese reverted to a role he played in Julia Gillard’s government.

The Guardian - AU

Albanese government plan to raise tax on super balances over $3m all but abandoned

Exclusive: Amid a chaotic end to the parliamentary session, Labor fears a repeat of franking credit policy fiasco that helped cost the 2019 election

AAP

Christmas rate cut hopes slayed as inflation holds firm

Energy rebates have lowered Australia's headline inflation rate, but the Reserve Bank remains focused on underlying price pressures.

AAP

'Surprise' budget windfalls drying up, economists warn

Australia's budget fortunes are shifting, with Deloitte Access Economics predicting a deeper deficit than predicted in the May budget.

The Conversation

Deloitte predicts December budget update will show bottom line has worsened since May, in fiscal ‘thud’

Next month’s update of the federal budget will forecast a bigger deficit for 2024-25 than was predicted in the May budget, according to the Deloitte Access Economics’ Budget Monitor, released on Tuesday.

AAP

'All about jobs': minister spruiks net zero tax breaks

The Labor government is playing hardball on its production tax incentives, arguing opposing the policy will cost jobs and Australia's global competitiveness.

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