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The Latest Breaking News from Jim Chalmers

If crypto is incorporated into Australia’s financial system, we will be lucky to avoid contagious collapse

As soon as people decide that crypto is valueless, it will be – but in the next few years, exposure of traditional institutions will likely run into the hundreds of billions

The Guardian - AU

Tanya Plibersek in hot water over no ‘new’ coal mine claims

The environment minister has come under heavy criticism for approving four coal mine expansions, and hundreds of Australians have been flown home from Vanuatu following the country’s devastating earthquake.

Crikey

Politics with Michelle Grattan: Chalmers says the budget’s better than it was; Taylor says it’s much worse than it should be

Appropriately, we finish our podcast for 2024 talking to Treasurer Jim Chalmers and his shadow, Angus Taylor because, as the saying goes, “it’s the economy, stupid!”

The Conversation

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Productivity slump worsens Australia's deficit dilemma

Australia needs to get productivity growth back on track to pay for structural spending increases and avoid endless deficits, economists warn.

AAP

A predicted deficit will get the headlines but remember that budgets are about choices

Right now the government is choosing to deliver $50bn a year to the richest 10% of Australians for no discernible benefit to the nation

The Guardian - AU

Why Australian politicians are angry at the ‘woke brigade’ over gender neutral gingerbread

The gingerbread people sold in a Parliament House cafe have some conservative politicians aghast

The Guardian - AU

Labor’s long game: why trust and a little fear matter more than a balanced budget

With voters distracted by Christmas, the government has saved major announcements for 2025, using the mini-budget to prove it can get its sums right

The Guardian - AU

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Crackdown on tobacco research, phoenixing boosts budget

Policy decisions will result in a $17.5 billion deterioration of the federal books, even as tax crackdowns boost revenue, a mid-year budget update predicts.

AAP

Chalmers reveals lower deficit this year, and billions more in deficits beyond

Economists expected blowout in this year’s mid-year budget update, but the government has unveiled a smaller deficit (with the blowouts coming later).

Crikey

RBA changes do nothing for ordinary households. Labor must do more than tinker

Labor continues to fiddle with the margins of the economy rather than use the power of government to deliver reform.

Crikey

Federal budget $27bn in the red and won’t return to balance for a decade, Myefo forecasts

Budget downgrade blamed on Australian economy being hit harder than anticipated by higher interest rates, cost of living pressures and global uncertainty

The Guardian - AU

Budget has improved $200bn since Morrison: Chalmers

Jim Chalmers is trying to spin the upcoming budget deficit by pointing out the improvement since the last government, and Vanuatu has been shaken by a devastating earthquake.

Crikey

Deficits dig deeper holes as cracks appear in budget

Australia is on track for a soft economic landing despite budget deficits set to widen as spending grows and tax receipts fall, Treasurer Jim Chalmers says.

AAP

Major damage in Vanuatu earthquake, deaths feared

A response effort is underway in Port Vila after a 7.3 magnitude earthquake struck off the coast of Vanuatu.

AAP

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Crikey

And Crikey’s politician of the year for 2024 is…

Readers might not like it, but it’s clear which politician has been most brutally effective in 2024.

The Guardian - AU

PM says Australia stands ‘ready to assist’ Vanuatu after earthquake – as it happened

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The Conversation

Chalmers unveils new look Reserve Bank, with women in the majority on both its boards

A person with long experience in the financial services sector, Marnie Baker, and a distinguished academic economist, Renée Fry-McKibbin, have been appointed to serve on the Reserve Bank’s new monetary policy board:

The Guardian - AU

Jim Chalmers reveals two appointments to Reserve Bank’s new board tasked with setting interest rates

Renée Fry-McKibbin and Marnie Baker will sit on the RBA’s new board, which follows the government’s reform of the central bank

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The Guardian - AU

Rail unions back fresh industrial action across Sydney train network in lead-up to New Year’s Eve – as it happened

This blog is now closed

Crikey

Remaining Bali Nine members return to Australia after 19 years

Australia and Indonesia struck a deal to return home the final remaining members of the Bali Nine drug trafficking group, and the mid-year fiscal update is showing bad news for Jim Chalmers.

AAP

Mining export slump puts federal budget in the doldrums

Economic headwinds from China has sparked a major downgrade to Australia's budget position, limiting the government's ability to support struggling households.

The Guardian - AU

Australian mining exports could plunge $100bn over four years due to China slowdown, budget update suggests

Company tax receipts to be revised downwards for the first time since 2020, mid-year budget update reveals

The Conversation

More spending and weaker revenue hits budget bottom line in some years: Chalmers

Wednesday’s mid-year budget update will downgrade company tax receipts by $8.5 billion over the four years to 2027-28, and show “slippage’ in the bottom line in some years of the forward estimates, Treasurer Jim Chalmers says.

The Guardian - AU

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

Federal treasurer also reveals mid-year budget update out this week will show bigger deficits than May papers

AAP

Coalition's nuclear plan would hit economy: Chalmers

The coalition's nuclear energy plan will hit the Australian economy by trillions, the treasurer warns, as Labor defends the action taken to lower power bills.

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