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The Latest Breaking News from Jim Chalmers

Reserve Bank set for biggest overhaul in decades after review calls for more external leaders

The Reserve Bank is set for its biggest overhaul in decades, with a review into the central bank finding it needs major changes to ensure it is "fit for the future".

ABC News

ACTU will not push for spot on RBA board as review released – as it happened

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The Guardian - AU

Massive overhaul of Reserve Bank to change how rates are set

The Reserve Bank of Australia is facing a major overhaul that would change how interest rates are set after a review into its future.

The New Daily

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Reserve Bank renovation to split responsibility

Two separate boards will be responsible for governance and interest rates in a major overhaul in response to a review of the Reserve Bank of Australia.

AAP

The stage-three tax cuts are bad economic policy – and a dumb political strategy, too

Does Labor think they will get credit for ‘fiscal responsibility’ from a shameless opposition that implemented the cuts in the first place?

The Guardian - AU

RBA to have separate rate-setting panel but inflation target expected to remain

First full review for decades recommends raft of changes including splitting the board into two to enable more focus on how interest rates are decided

The Guardian - AU

Reserve Bank to have two boards after overhaul by inquiry

The long-awaited independent review of the Reserve Bank commissioned by Treasurer Jim Chalmers will be released on Thursday, with the treasurer already flagging in-principle agreement with all its recommendations.

The Conversation

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Labor to announce in-principle support for RBA review's recommendations, establish two new boards

Treasurer Jim Chalmers is set to release the highly anticipated review into the Reserve Bank of Australia on Thursday and to announce that the government has given in-principle support to all of its recommended changes.

ABC News

Raising dire JobSeeker rates looms as a character test for Albanese government

Government faced with growing warnings that not substantially lifting welfare payments in the budget will be to fail a test of its character.

The New Daily

Boosting JobSeeker is the most effective way to tackle poverty: what the treasurer's committee told him

Federal Treasurer Jim Chalmers and Minister for Social Services Amanda Rishworth established an Economic Inclusion Advisory Committee in December 2022 to advise the government on ways to lift economic inclusion and reduce disadvantage.

The Conversation

Petroleum tax hike a bandaid budget fix: Woodside boss

Tinkering with the petroleum resource rent tax could cause long-term harm to the gas and oil industries, Woodside chief Meg O'Neill says.

AAP

Govt knocks back its own panel’s call to boost JobSeeker

An Albanese minister has conceded he couldn't live on JobSeeker, even as the govt appears poised to ignore another call to lift the rate.

The New Daily

Jim Chalmers is a man on many missions. Here's what the treasurer's been up to ahead of the budget

Will Treasurer Jim Chalmers be able to please everyone with his May budget? He's certainly trying very hard to cover a lot of economic ground beforehand.

ABC News

Calls to support worst-off Australians surviving on $13 a day

Australian students are trying to scrape by on just $13 a day as welfare payments fail to keep pace with the cost of living, new analysis shows. A report

The New Daily

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The New Daily

Michael Pascoe: The darling buds of May promise the flowering of reforms

There are drums beating in the policy jungle that the first days of May might see Australia commit to taking on necessary economic reform.

The Guardian - AU

Aged care sector warns Albanese government’s planned $4.8bn spend not enough to keep homes open

Growing demand and ageing population expected to drive up costs by 23% in fifth-largest area of government expenditure

The Guardian - AU

Government ignores calls from its own experts to lift ‘seriously inadequate’ jobseeker rate

Unemployment benefit rates are at ‘such an inadequate level that they create a barrier to paid work’, committee finds

ABC News

Committee tasked with investigating JobSeeker rate urges 'substantial' increase ahead of federal budget

A committee brought together by the federal treasurer to investigate whether income support payments are adequate has called on the government to lift the JobSeeker rate as a first priority, ahead of next month's federal budget.

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The Guardian - AU

Renewable energy growth must double to meet Australia’s emission goals, Clean Energy Council says

More than 35% of Australia’s electricity last year was supplied by wind and solar, up from just under 17% in 2017

AAP

Treasurer calls for bipartisan support on RBA reform

The treasurer wants the opposition and crossbenchers to look "beyond party politics" on upcoming reforms to Australia's central bank.

The New Daily

Global uncertainty to cast shadow over federal budget

Treasurer Jim Chalmers has warned the upcoming federal budget will come at a time of some of the lowest global growth in decades.

AAP

Global uncertainty casting a shadow over federal budget

Treasurer Jim Chalmers has warned that the upcoming federal budget is being put together against a backdrop of difficult global economic conditions.

The Guardian - AU

From stage-three tax cuts to welfare relief: what’s on Australia’s 2023 budget wishlist?

Jim Chalmers is under pressure to deliver for those doing it tough – but inflation and national debt pose serious obstacles

The Guardian - AU

Changes to petroleum resource rent tax estimated to net Australian government $94.5bn

Greens to use Parliamentary Budget Office costing to push Labor to clamp down harder on tax concessions for gas producers

AAP

Climate change and health in mix for wellbeing budget

Australia is edging closer to measuring wellbeing as part of its budget process alongside traditional markers of economic health.

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