The Latest Breaking News from Jim Chalmers

We hear about the ‘weakest growth in decades’ and being ‘smashed’ by the RBA, but positive tidings abound – if you want to look for them

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June quarter GDP expanded by 1% from a year earlier, the Australian Bureau of Statistics said – slightly above forecasts

When the Greens proposed an extra super-profits tax on the excessive part of really excessive profits last week, business and the government acted as if the sky was about to fall in.

The Australian economy is barely growing as higher borrowing costs and inflation keep a lid on household consumption.

'What bunnies we are to swallow this.'

The economy is stuck in the slow lane and Treasurer Jim Chalmers says that's by design, with higher interest rates necessary to tame inflation.

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Treasurer Jim Chalmers mightn’t have expected his weekend comment – made ahead of expected low growth figures later this week – that interest rate rises were “smashing” the Australian economy to set off the reaction it has. After all, it’s been something of a Chalmers mantra.