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The Latest Breaking News from Jim Chalmers

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

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

The Guardian - AU

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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.

AAP

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.

The Conversation

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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.

AAP

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

The Guardian - AU

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.

AAP

Australia is facing its shortest rate cut cycle in 30 years as the RBA hints it may have to start hiking

It’s sure to leave many mortgage holders feeling short-changed given the RBA’s equally historic 13 rate hikes through 2022 and 2023

The Guardian - AU

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The Conversation

View from The Hill: in awkward timing, government ends energy rebate as it defends Wells’ spendathon

There are two glaring lessons for politicians from the Anika Wells’ entitlements affair.

The Guardian - AU

‘Pure political pork’: government ends energy bill rebate as treasurer flags ‘difficult’ budget decisions

Chalmers flags pressure on national finances as Reserve Bank contemplates possibility of interest rate rises next year

AAP

'Difficult decision' on energy bill relief payments

Australian households and businesses are going to miss out on further energy bill relief, after a decision was made for the rebate to finish by the year's end.

The Guardian - AU

Marles says Labor ‘working through’ Trump administration’s Aukus review – as it happened

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The Conversation

View from The Hill: Albanese’s wedding guestlist a mudmap to his inner power sanctum

Those wanting to chart who’s in the prime minister’s inner sanctum need go no further than the political guests invited to his Saturday wedding.

AAP

'I love you Jodie': PM weds in intimate ceremony

In a ceremony attended by a small group of family and friends, Australia's prime minister has made history by marrying his partner while in office.

AAP

PM and Haydon's wedding signed, sealed, delivered

Anthony Albanese has wedded Jodie Haydon in front of a small gathering in the nation's capital, becoming the first prime minister to do so in office.

The Conversation

Grattan on Friday: when the music stopped, Greens had out-stepped flat-footed Liberals on environment deal

Come dance with me! That was Environment Minister Murray Watt’s invitation to the opposition as he prepared to push through his reforms to the Environment Protection and Biodiversity Conservation Act.

The Guardian - AU

New rules crack down on high risk loans as Australian property market heats up

Regulator announces 20% cap on share of new lending banks can do on mortgages worth more than six times borrower’s income

AAP

Risky home loans capped amid 'runaway' investor growth

A pick-up in riskier forms of home lending has prompted a regulator to set limits on high debt-to-income loans, but it is not expected to impact house prices.

The Guardian - AU

Afternoon Update: Chalmers flags energy bill relief as inflation jumps; legal battles over Giuffre estate; and Robert Irwin’s reality TV win

Inflation climbs 3.8% in the year to October with childcare costs and rent among the drivers

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