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The Latest Breaking News from Jim Chalmers

Treasurer warns of ‘severity and magnitude of inflation challenge’ after RBA hikes official interest rate

Jim Chalmers responds to Reserve Bank decision to lift cash rate 50 basis points as Anthony Albanese declines to comment during Indonesia trip

The Guardian - AU

A 'difficult' day for homeowners as Treasurer Jim Chalmers predicts more pain before inflation is brought under control

Jim Chalmers says a rise in interest rates is "difficult news" for home owners and warns life in Australia is set to become even more expensive.

ABC News

Reserve Bank hikes official interest rate by 50 basis points to 0.85% to curb inflation

Decision exceeded predictions from economists while Westpac was the first of the big banks to pass on the rise in full to customers

The Guardian - AU

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Skilful economic measures are needed to fight the inflation stalking Australia’s households

Tight labour markets, geopolitical uncertainty and the climate crisis all present gnarly challenges. Three experts explain the solutions

The Guardian - AU

Can anything be done about the ‘perfect storm’ in Australia’s energy markets?

Russia’s invasion of Ukraine, squeezed gas retailers and a cold snap are combining to put pressure on the grid

The Guardian - AU

Grattan on Friday: Albanese government mugged by gas crisis as it faces challenge of managing expectations

Tony Burke reads a poem aloud every day and has a piano lesson once a week.

The Conversation

Australians 'panicking' as power prices skyrocket, consumer advocates say

Robert Meggs switched to a smaller electricity provider to get a better deal. Then his rates more than doubled. It's an increasingly common story.

ABC News

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Your Electricity Bill Is Going To Get A Lot More Expensive This Cold Szn Here’s Why

As if paying $2 for a litre of petrol wasn’t enough, everyone’s power bills are set to leap up next month as electricity prices become the latest addition to our high cost of living. Time to live under my doona so I don’t have to turn my heater on.The Australian…

Pedestrian.tv

Here's a scheme Labor should ditch in its bid to boost productivity. It's the 'patent box'

Australia’s new treasurer Jim Chalmers says his biggest priorities include boosting productivity and business investment.

The Conversation

Minister fuels up for gas price action

Energy Minister Chris Bowen is consulting with his state and territory counterparts about what levers can be pulled to ease burgeoning gas prices.

AAP

Environment minister seeks ‘urgent briefing’ over scrapped recovery plans – as it happened

Follow all the day’s news

The Guardian - AU

Federal government's 'gas trigger' to keep supplies onshore may not be pulled just to put a lid on high prices

As gas prices rocket upwards, the federal government is fielding questions on whether it would use its "gas trigger" powers to force gas exporters to keep supplies onshore. But high prices alone may not be enough to pull the trigger.

ABC News

‘World of pain’: warnings of gas shortages amid soaring power prices add to Australia’s energy woes

Market operator warns of possible shortfall of gas supplies on Thursday in Victoria, South Australia and Tasmania amid cold snap

The Guardian - AU

Labor’s full cabinet has finally been sworn in. Here’s a who’s who of new ministers

Although Labor hasn't been in government since 2013, almost half of the new cabinet have past experience as government ministers.

The New Daily

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ABC News

The Loop: Treasurer warns of 'dire' budget situation, Labor's new ministry sworn in, and a community's farewell of the 'waving man'

Here's your TL;DR for today's news.

Newcastle Herald

'Rocketed away': no easy answers on power price spikes, treasurer warns

Treasurer Jim Chalmers says the spike in gas prices has multiple causes and no easy solutions.

ABC News

Perth petrol prices: Modelling shows what WA households will save from the fuel excise tax cut

Your suburb-by-suburb guide to how much the average Perth household will save from the halving of the fuel excise tax – and it's not as much as what was touted by the Morrison government.

ABC News

Who's in the new Labor government cabinet? Who got what role on the frontbench?

Prime Minister Anthony Albanese has unveiled his new cabinet, with election losses and cabinet shake-ups seeing some new faces enter the fold. Here's who got what position.

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The Conversation

Australia's biggest economic threat isn't home-grown. It's a recession, originating in the United States

A recession in the US usually brings on a recession in the rest of the world, although not always in Australia.

ABC News

Queensland's concentration of key political leaders set to drive increased focus and investment in the Sunshine State

Queensland is home to the Treasurer, the Opposition Leader and the leader of the Nationals. What does that mean for Sunshine State and its issues?

The Guardian - AU

Vote counting continues with Labor one seat from majority – as it happened

Follow all the day’s developments

The New Daily

Alan Kohler: Jim Chalmers needs an inquiry into tax

By far the best thing Jim Chalmers could do for his party and the country would be to find a way to escape the 23.9 per cent limit on tax to GDP.

The Guardian - AU

Anthony Albanese vows to ‘keep it real’ as he seeks good rapport with crossbench

Prime minister says he will treat Peter Dutton with respect: ‘I never underestimate my opponents’

AAP

Tough budget challenges ahead: Gallagher

Finance Minister Katy Gallagher says there are serious challenges ahead for both the budget and the economy.

The Guardian - AU

Voters often invest their hopes in a new government, but the atmosphere feels more like relief

With empathy and goodwill Anthony Albanese’s Labor government can end the inane climate wars

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