The Latest Breaking News from Jim Chalmers

Millions of Australian households are facing a “difficult” year ahead as the cost of living soars. But some believe the Treasurer is over-egging inflation.

As he had promised to do almost since the day he became treasurer, Jim Chalmers has presented a gloomy set of forecasts for the Australian economy in his first formal economic statement to the new parliament on Thursday.

Treasurer’s statement lacked surprises but lays down markers for what’s to come – both in the budget and beyond

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New forecasts by Australia’s government say runaway inflation will remain unacceptably high for the next two years and economic growth will slow without falling into recession

Australians’ wages will continue to decline for at least a year as inflation rises at twice the rate of workers' pay, Treasurer Jim Chalmers has warned.

Treasurer Jim Chalmers has presented a revised set of forecasts to the federal parliament, including downgrades to the growth outlook.

Treasurer Chalmers, in his economic statement to Parliament, forecast inflation peaking at 7.75% this year, with wage growth on the horizon.

Forecasting a peak in inflation to 7.75 per cent by the year's end, the Treasurer says Australians must brace to take some "tough medicine" if the nation is to escape a recession.

Treasurer Jim Chalmers tells parliament that nation is facing a ‘once-in-a-generation’ challenge and real wages won’t grow until 2023-24 fiscal year

Australian Food and Grocery Council CEO Tanya Barden has urged the federal government to focus on supporting people with low incomes in the months ahead.