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The Latest Breaking News from Jim Chalmers

Self-interest widening wealth gap between old and young

Bridging the gap in wealth between older and young Australians will require a major recalibration in housing attitudes and policies, a leading economist says.

AAP

Proposal to allow use of Australian copyrighted material to train AI abandoned after backlash

Productivity Commission recommends waiting three years to establish review into technology after furious response from creative industries

The Guardian - AU

Clock ticks on support for rejigged super tax changes

A six-month heads up on tax changes is tight but manageable, big super funds say, although Labor still needs to find a friend to get the laws past parliament.

AAP

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Bold company tax proposal still friendless after revamp

An alternative corporate tax proposal could have greater economic benefits if a requirement to be budget-neutral was removed, the Productivity Commission says.

AAP

Dishing the public dosh to force RBA's hand on rates

With the government unlikely to restrain public spending, the Reserve Bank will have to lift rates in 2026 to keep inflation under control, economists say.

AAP

Politics with Michelle Grattan: Jim Chalmers on the Bondi terror attack and the mid-year budget update

The mid-year budget update would normally be big news. But this week it’s been entirely overshadowed by the devastating Bondi terror attack.

The Conversation

Budget takes $8.2b hit thanks to black market tobacco

The treasurer has flagged more funding to root out illicit tobacco syndicates but refused to lower the excise burning a hole in the federal budget.

AAP

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Afternoon Update: Bondi gunman charged with murder and terrorism; 13th victim named; and Khawaja falls short of Ashes ton

Naveed Akram has been charged with 59 offences, including committing a terrorist act and 15 counts of murder

The Guardian - AU

Rate hikes, rising inflation and difficult decisions: key takeaways from Jim Chalmers’ budget update

Treasurer says his Myefo, which shows a small improvement in the budget bottom line, is ‘the most responsible’ on record

The Guardian - AU

The budget update shows a slight improvement in the federal deficit, but it’s mostly due to good luck

The federal government’s mid-year budget update shows a modest improvement in the deficit forecast in 2025–26, but much of this comes from a larger-than-forecast tax take.

The Conversation

Science funding boost amid 'aggressive' CSIRO job cuts

The national science agency that invented wi-fi has received a substantial budget commitment but the union representing its workers says the sum is not enough.

AAP

Morning Mail: ‘Remember her name’ plead youngest Bondi victim’s parents, Syria hails hometown hero, gunmen’s Philippines connection

Devastated couple mourn the loss of 10-year-old Matilda along with hundreds of others in Bondi; family of Ahmed al-Ahmed celebrate his worldwide fame

The Guardian - AU

Chalmers spins battery blowout into budget savings

Clever accounting has been used by the treasurer to claim the government's policy decisions improved the budget bottom line for the first time in eight years.

AAP

Mid-year budget update will project deficit of nearly $37 billion for current financial year

Wednesday’s budget update will project a deficit of $36.8 billion for this financial year, which is $5.4 billion better than forecast in the Pre-election Economic and Fiscal Outlook (PEFO) issued before the May election.

The Conversation

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The Guardian - AU

Jim Chalmers won’t have good news in Myefo. Instead, he’ll be trying to sell Labor’s good intentions

The unwelcome return of inflation means Anthony Albanese’s government is desperate not to be seen to be adding to the problem

AAP

Plea for spending cuts as banks tip interest rate hikes

Half of Australia's big four banks are tipping the Reserve Bank to hike interest rates at its next meeting as inflation is pushed outside the target zone.

AAP

ASX shares slide to seven-year low after damning report

ASX Limited shares have fallen to their lowest level since 2018 after the market regulator said it would require it to hold another $150 million in capital.

AAP

Savings found in budget update as blowouts add up

Treasurer Jim Chalmers has revealed billions of dollars in savings as other projects in the budget blow out amid "grave" concerns over its bottom line.

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The Conversation

Attorney-General Rowland to repay some travel money; cost of government’s battery subsidy scheme explodes

As the expenses affairs continues to roll through the Albanese government like a wrecking ball, Attorney-General Michelle Rowland will repay some of the $21,685 she charged for a family holiday in Western Australia in 2023.

AAP

Budget update to reveal Australia's fiscal fortunes

The federal treasurer says he's booked another $20 billion in savings in the budget update, but is keeping mum on whether that means a smaller deficit.

AAP

Rule-breaking AG to repay taxpayers for family holiday

Australia's top law officer will reimburse taxpayers after a family holiday was ruled outside guidelines, but Treasurer Jim Chalmers says she should not resign.

AAP

Successful defence giant's bid won't hurt Japan ties

Australia's relationship with Japan won't be hurt by a decision to allow a South Korean defence giant to double its share in the nation's sovereign shipbuilder.

AAP

Belt tightening in order as federal payments balloon

More than $12 billion in program cost blowouts demand tighter spending in other parts of the federal budget, the treasurer is warning Australians.

The Guardian - AU

No guarantee tobacco tax cut would lure Australian smokers from illegal trade and raise more revenue, report says

New research points to need for ‘holistic approach to combating illicit tobacco’ including having support of health advocates

AAP

Tax reform call as data centre boom plugs in investment

A jump in forecast business investment in the midyear budget update will be unveiled by the treasurer, which bodes well for Australia's productivity growth.

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