Jim Chalmers says Coalition’s nuclear plan represents $4tn hit to economy by 2050

Treasurer Jim Chalmers has ridiculed the Coalition’s nuclear costings for what it assumes about the economy by 2050. Photograph: Russell Freeman/AAP

The federal treasurer says the Coalition’s nuclear policy costings suggest a $4tn hit to Australia’s economy over the next 25 years, based on its assumption that the economy will be smaller with less need for energy.

Jim Chalmers on Sunday also conceded that the mid-year budget update to be released this week would reveal bigger deficits than the May budget, describing the revision as “slippage”.