Jim Chalmers says the May budget will help tackle inflation and strengthen the economy against shocks from Donald Trump’s policies, and has pushed back on opposition claims his government is intensifying cost-of-living pain.
Days before another expected interest rate rise from the Reserve Bank of Australia, Chalmers labelled criticism of government spending from the Liberal and National parties as hypocritical, while also saying the government was “open” to big ideas on tax reform and would apply a laser-focus on intergenerational inequity in Labor’s second term.
“The same people who say now that the budget is the sole or primary driver of inflation weren’t saying that last year when inflation was falling substantially and the bank cut rates three times,” he said.
“We actually improved the budget in December in the update in any case, another $20bn in savings and the sort of responsibility and restraint unrecognisable to our predecessors.”
