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The Latest Breaking News from Jim Chalmers

Global group backs cuts, rate rises to curb inflation

Australia's inflation rate will peak higher than previously forecast, as surging oil costs cause consumer prices to increase, a Paris-based policy body says.

AAP

RBA ready to shift up a gear as the neutral rate rises

The Iran war will hurt consumers by pushing up prices and slowing the economy but the Reserve Bank must act to contain inflation expectations, an official says.

AAP

Australians can expect high fuel costs to linger for far longer than the war in Iran

Rising inflation and unemployment mean effects of Iran war could be even worse than the post-Covid cost-of-living crisis

The Guardian - AU

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Morning Mail: fears for economy amid fuel crisis, Israel sets sights on Lebanon, Mafs star Mel Schilling dies

Treasurer says end of Middle East war ‘can’t come soon enough’ as economy faces series of shocks

The Guardian - AU

Calm before storm: RBA braces for spikes and hikes

The economy is expected to be hit with a savage inflation spike which will in turn increase the chances of more interest rate hikes.

AAP

Albanese urged to help Australians struggling with fuel crisis, as NZ offers first-of-its-kind cash relief

David Pocock says a flat 25% export levy on gas producers could redirect ‘wartime profits’ to struggling Australians

The Guardian - AU

Fuel companies warned to give Aussies fair go at bowser

To address fuel availability issues at service stations, companies will be allowed to co-ordinate with each other on supply but not prices.

AAP

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Mining state's tax rebate watered down under new plan

After years of furious attempts to end a sweetheart Morrison-era deal, eastern states appear to have gained ground in reducing WA's GST windfall.

AAP

Grattan on Friday: Chalmers is trying to make economic uncertainty a springboard for reform

When he talks about the May 12 budget, Treasurer Jim Chalmers always stresses that what’s done on things like the capital gains tax discount will be a matter for cabinet.

The Conversation

Malinauskas steps up One Nation attack ahead of SA election – as it happened

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The Guardian - AU

Treasurer softens up voters for 'hard decisions' on tax

The government will warn of a hit to economic growth and Australia's productivity performance in the upcoming budget, raising the stakes for ambitious reform.

AAP

Chalmers says latest Treasury modelling shows Australia’s inflation could reach 5%, as national cabinet meets on fuel

Australia’s inflation rate could peak in “the high 4s or even higher” this year, according to Treasury modelling, Treasurer Jim Chalmers says.

The Conversation

The Latest: Iran attacks Israel and Gulf countries after an Israeli strike kills its security chief

Iran launched strikes toward Israel and Gulf countries, hours after an Israeli strike killed its security chief

The Independent UK

Investor tax-break cuts no 'silver bullet' for housing

Winding back the capital gains tax discount could reduce property prices by about four per cent, compared to what they would be under a no-change scenario.

AAP

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The Guardian - AU

PM calls national cabinet meeting over fuel crisis – as it happened

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The Conversation

Capital gains tax discount ‘skewed’ housing towards investors: Senate inquiry

A Senate inquiry has provided Treasurer Jim Chalmers with ammunition for his plan to pare back the capital gains tax discount in the May 12 budget.

AAP

Tax discount 'skewing' property market to investors

A parliamentary report has found significant tax discounts on capital gains have tipped the scales in favour of investors compared to owner-occupiers

AAP

Oil shock further reason for tax reform, spending cuts

An economic downturn might be needed to bring inflation back to target, economists warn, but the government can help with spending cuts and productivity reform.

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The Guardian - AU

Labor must stop juicing house prices and make buying a home the Australian dream – not negatively gearing one

The rumours of action on the capital gains tax discount and negative gearing are louder than before any budget this century. But is the PM up to the task?

AAP

'Be bold': Spender urges income tax shake-up in budget

Australia's tax system needs to be rebalanced towards effort and ingenuity, independent MP Allegra Spender said as she launched her tax reform blueprint.

AAP

Super tax changes a 'down payment' for greater reform

The Greens want the federal government to make the tax system fairer for young Australians in the budget after agreeing to pass changes to superannuation taxes.

The Guardian - AU

Australian petrol retailers accused of price gouging over rising fuel costs amid Iran war

Motoring groups accuse retailers of using conflict as an excuse to lift prices as Jim Chalmers asks ACCC to keep watch

AAP

'Unjustifiable': Petrol stations warned on price hikes

Service stations are being warned not to take advantage of the Iran war by hiking up the price of fuel, over concerns motorists will be taken for "mugs".

AAP

Wavering households ease urgency for more rate hikes

Economic data released this week will leave the Reserve Bank a little less concerned about underlying momentum in consumer demand, an economist says.

AAP

Good news is bad news: GDP growth fuels inflation fears

Australia's economy expanded by 2.6 per cent over 2025, above Reserve Bank forecasts, raising fears of an impending interest rate hike.

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