Good morning. The treasurer, Jim Chalmers, delivered a “no surprises” budget yesterday, but there’s plenty to dig into – with inflation, debt and cost-of-living pressures paramount, and a tricky political tightrope to walk. Overseas, the UK’s new prime minister is pulling together a fresh cabinet, and Russia is making new claims over a supposed “dirty bomb” in Ukraine.
The Albanese’s government’s first budget has been defined by spending restraint in the face of skyrocketing inflation, Jim Chalmers says, as the country faces a “complex combination” of economic pressures that pose further risks to households. The treasurer also flagged the need for tax reform. “Restraint is the name of the game in this budget,” he said. Here are this budget’s winners and losers, and six graphs to put it all in perspective.
