The Latest Breaking News from Jim Chalmers

Treasurer flags need for tax reform to put economy on more sustainable path and further intervention in energy sector amid soaring prices

Terrified by the prospect of further stoking the worst inflation in three decades, Treasurer Jim Chalmers and Finance Minister Katy Gallagher have delivered a budget that takes out of the economy about as much as it pumps into it.

Treasurer Jim Chalmers told reporters on Tuesday his first budget was “the beginning of something new and responsible”.

Treasurer Jim Chalmers has brought down a no-surprises budget that delivers Labor’s election promises but warns Australians “hard decisions” are needed for the “hard days to come”.

Australians are facing an incredibly difficult rental market, and this year's budget has an "aspirational" target of 1 million new homes — but there's a lot to unpack. Here's your quick guide to the plan.

Australians are facing a bleak couple of years, with Treasury forecasting dual woes of sustained high living costs and declining real wages. The budget bottom line has improved but Treasurer Jim Chalmers is warning of tough decisions in coming months.

The Albanese government will fund almost half a million fee-free TAFE places and 20,000 new university spots as part of its plan to boost jobs and wages.

The gloomy state of the economy will weigh on household budgets with a boost to real wages not expected until at least mid-2025.

‘Historic’ accord includes state and federal funding commitments for 20,000 new affordable dwellings