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The Latest Breaking News from Jim Chalmers

Jim Chalmers’ lucky budget surplus is no comfort to workers whose pay is shrinking

It’s hard to get excited about Myefo figures when median earnings fell, stage-three tax cuts remain sacrosanct and there are no new measures to relieve cost-of-living pressures

The Guardian - AU

More tax in government coffers hailed by treasurer

The mid-year fiscal update contained no extra cost of living relief, although the federal treasurer has not ruled out more help in his next budget.

AAP

There's a glimmer of hope in the mid-year budget update, but inflation is still a big challenge

The federal government knows people are doing it tough. Inflation and interest rate pressures have put the cost-of-living at the forefront of voters’ minds.

The Conversation

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Clean energy superpower status remains work in progress

The federal budget update acknowledges more must be done to secure and wire up renewables, with clean energy "superpower" status remaining a work in progress.

AAP

Federal budget improvement is good news for Jim Chalmers but households still face squeeze

While commodity prices are propping up revenue and a likely surplus, household consumption is flat and savings have fallen – and there’s an election coming

The Guardian - AU

Budget update forecasts deficit of $1.1 billion this financial year

The federal budget is headed for a small $1.1 billion deficit this financial year, according to the update released by Treasurer Jim Chalmers and Finance Minister Katy Gallagher on Wednesday morning.

The Conversation

Myefo 2023: Australia’s federal budget on track for wafer-thin $1.1bn deficit

Mid-year economic and fiscal outlook reveals $12.8bn improvement in budget bottom line due to strong labour market and commodity prices

The Guardian - AU

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Morning Mail: Chalmers faces crucial choice, Cyclone Jasper to hit today, Cop28 into extra time

Budget update will show boost from commodity prices and immigration; rich countries accused of hypocrisy at climate summit

The Guardian - AU

Stubbornly high inflation will eat into real wage gains

The federal budget is looking healthy thanks to a surprise revenue boost but inflation is proving persistent and is continuing to hurt household finances.

AAP

Stronger than expected budget position to fuel calls for cost of living relief, economists say

Majority of additional revenue disclosed in midyear budget update likely to be banked to avoid further stoking inflation

The Guardian - AU

Shifting the needle on the housing crisis: will Chalmers’ plan to slug foreign home buyers be enough?

Treasurer has announced plans to triple fees foreigners pay when buying established homes and to double penalties for leaving a property vacant

The Guardian - AU

Government debt now fastest-growing spending pressure

The federal government's debt bill is set to balloon as higher interest rates push up the cost of borrowing.

AAP

Education review released – as it happened

This blog is now closed.

The Guardian - AU

Migration overhaul targets students and dodgy employers

A plan to fix a faltering migration system will take aim at bogus international students and unscrupulous employers while trying to reduce overall migration.

AAP

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The Guardian - AU

Australia’s economy 2023 report: how it started v how it’s going

Stronger than expected population growth made inflation hardier than most experts predicted and property prices defied successive rate rises

The Conversation

Grattan on Friday: winners and losers in end-of-year report card on Albanese ministers

It’s not just kids who get report cards (PDFs these days) as school breaks up. So do government ministers, when parliament rises at year’s end.

AAP

New commissioner picked to run tax office

The federal government has filled two pivotal economic roles at the tax office and Reserve Bank of Australia.

The Guardian - AU

Bracket creep is cooling Australia’s economy – it’s good news for interest rates but not for household budgets

The weak economy probably means the next RBA rates move – short of an inflation surprise next month – will be a cut

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The Conversation

States agree to do more heavy lifting on disability, in exchange for extra health and GST funding

The Albanese government has promised extra funding for health and to extend its top-up of the GST, in exchange for the states undertaking more of the heavy lifting on disability to help curb the National Disability Insurance Scheme’s cost blowout.

The Conversation

The 7 charts that show Australians struggling as saving falls to near zero

The national accounts released by the Australian Bureau of Statistics show economic growth slid to a measly 0.2% in the last quarter.

The Guardian - AU

Australia’s economic growth slows, reducing chance of another interest rate rise next year

Economy grows more slowly than expected, with consumer spending flat under the pressure of high interest rates

AAP

Funding deals struck with states on GST, health, NDIS

Anthony Albanese has negotiated deals with states and territories on extra health funding, the GST carve-up and the National Disability Insurance Scheme.

AAP

Economy weakens as rising costs take toll on households

The Australian economy almost came to standstill last quarter, with clear signs of financial pain in the household sector.

The Guardian - AU

Jim Chalmers open to clean energy investment reforms pushed by super funds

Treasurer says government ‘committed to consider’ proposals, including concessional finance to bankroll new transmission infrastructure

AAP

Government taps private investors for net zero, defence

Jim Chalmers will consider a number of ideas raised at a roundtable with some of Australia's largest investors to boost energy, defence and social support.

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