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The Latest Breaking News from Jim Chalmers

Grattan on Friday: The government invited ambit claims for the budget and now it will be judged against them

Budgets are for stakeholders and interest groups like Christmas is for kids. They’re preceded by a multitude of letters to “Santa”, aka the treasurer, in the run-up.

The Conversation

What does the Reserve Bank of Australia review mean, and how will it affect interest rates and mortgage payments?

A scathing review of the Reserve Bank of Australia is set to deliver a shake-up of the central bank not seen in a generation. Here's what it means for interest rates, your mortgage, and RBA governor Philip Lowe.

ABC News

Afternoon Update: Lowe responds to RBA shake-up; rare solar eclipse in images; and K-pop star dies at 25

RBA governor welcomes review of central bank as treasurer announces all 51 recommendations will be implemented

The Guardian - AU

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RBA boss concedes central bank ‘needs to change’

RBA boss Philip Lowe has welcomed the wide-ranging review of the central bank, admitting it "needs to change".

The New Daily

Treasurer appoints two new Reserve Bank board members

Former workplace umpire Iain Ross and corporate director Elana Rubin have been appointed to the board of the Reserve Bank of Australia.

AAP

RBA shake-up promises board representation for workers, with focus on full employment and fighting inflation

Sweeping changes to Reserve Bank of Australia give equal weighting to employment and inflation, and mandate greater transparency

The Guardian - AU

RBA overhaul to put board members in spotlight

A major overhaul of the Reserve Bank will see a new board for setting interest rates that's more accountable and holds fewer meetings.

The New Daily

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Reserve Bank revolution: how Jim Chalmers will recraft the RBA for the 21st century

The review into the Reserve Bank of Australia has just been published by Treasurer Jim Chalmers, and it’s a blockbuster.

The Conversation

Reserve Bank set for biggest overhaul in decades after review calls for more external leaders

The Reserve Bank is set for its biggest overhaul in decades, with a review into the central bank finding it needs major changes to ensure it is "fit for the future".

ABC News

ACTU will not push for spot on RBA board as review released – as it happened

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The Guardian - AU

Massive overhaul of Reserve Bank to change how rates are set

The Reserve Bank of Australia is facing a major overhaul that would change how interest rates are set after a review into its future.

The New Daily

Reserve Bank renovation to split responsibility

Two separate boards will be responsible for governance and interest rates in a major overhaul in response to a review of the Reserve Bank of Australia.

AAP

The stage-three tax cuts are bad economic policy – and a dumb political strategy, too

Does Labor think they will get credit for ‘fiscal responsibility’ from a shameless opposition that implemented the cuts in the first place?

The Guardian - AU

RBA to have separate rate-setting panel but inflation target expected to remain

First full review for decades recommends raft of changes including splitting the board into two to enable more focus on how interest rates are decided

The Guardian - AU

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The Conversation

Reserve Bank to have two boards after overhaul by inquiry

The long-awaited independent review of the Reserve Bank commissioned by Treasurer Jim Chalmers will be released on Thursday, with the treasurer already flagging in-principle agreement with all its recommendations.

ABC News

Labor to announce in-principle support for RBA review's recommendations, establish two new boards

Treasurer Jim Chalmers is set to release the highly anticipated review into the Reserve Bank of Australia on Thursday and to announce that the government has given in-principle support to all of its recommended changes.

The New Daily

Raising dire JobSeeker rates looms as a character test for Albanese government

Government faced with growing warnings that not substantially lifting welfare payments in the budget will be to fail a test of its character.

The Conversation

Boosting JobSeeker is the most effective way to tackle poverty: what the treasurer's committee told him

Federal Treasurer Jim Chalmers and Minister for Social Services Amanda Rishworth established an Economic Inclusion Advisory Committee in December 2022 to advise the government on ways to lift economic inclusion and reduce disadvantage.

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AAP

Petroleum tax hike a bandaid budget fix: Woodside boss

Tinkering with the petroleum resource rent tax could cause long-term harm to the gas and oil industries, Woodside chief Meg O'Neill says.

The New Daily

Govt knocks back its own panel’s call to boost JobSeeker

An Albanese minister has conceded he couldn't live on JobSeeker, even as the govt appears poised to ignore another call to lift the rate.

ABC News

Jim Chalmers is a man on many missions. Here's what the treasurer's been up to ahead of the budget

Will Treasurer Jim Chalmers be able to please everyone with his May budget? He's certainly trying very hard to cover a lot of economic ground beforehand.

The New Daily

Calls to support worst-off Australians surviving on $13 a day

Australian students are trying to scrape by on just $13 a day as welfare payments fail to keep pace with the cost of living, new analysis shows. A report

The New Daily

Michael Pascoe: The darling buds of May promise the flowering of reforms

There are drums beating in the policy jungle that the first days of May might see Australia commit to taking on necessary economic reform.

The Guardian - AU

Aged care sector warns Albanese government’s planned $4.8bn spend not enough to keep homes open

Growing demand and ageing population expected to drive up costs by 23% in fifth-largest area of government expenditure

The Guardian - AU

Government ignores calls from its own experts to lift ‘seriously inadequate’ jobseeker rate

Unemployment benefit rates are at ‘such an inadequate level that they create a barrier to paid work’, committee finds

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