The Latest Breaking News from Jim Chalmers

Australians are bracing for the biggest cost of living crisis in 30 years to get even worse as widespread flooding.

Monday: Shepparton residents face evacuation orders in Victoria’s flooding crisis. Plus: cricket upset as minnows open T20 World Cup with a win

The big question prior to Treasurer Jim Chalmers delivering the Albanese government’s first budget on October 26 has been whether it will seek to modify the “stage 3” tax cuts legislated by the Morrison government, with Labor’s support.

Figures released by the government, which are not expected to change before budget night, show the extent of Treasury's downgrades.

US political insider admits there are ‘reasons to worry’ for its democracy as allies wonder at damage done to the west’s credibility

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.

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

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

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?

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

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.