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The Latest Breaking News from Jim Chalmers

Treasurer warns Australians to brace for pain to escape recession in confronting economic statement to parliament

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.

ABC News

Australia’s inflation rate to peak at 7.75% in December quarter, economic update predicts

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

The Guardian - AU

Households warned food costs still rising

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.

AAP

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Jim Chalmers delivers 'confronting' economic update following latest inflation hike — as it happened

The Federal Treasurer backs long-term wages growth, untangling supply chain issues and helping with childcare costs to help lift Australia's economy as the nation grapples with the largest increase in cost-of-living pressures in two decades — as it happened.

ABC News

Federal Treasurer to warn cost of living 'heavy weather' coming in economic update

The Treasurer is painting a grim picture of the coming months, forecasting spiking inflation, rising unemployment and more interest rate hikes, ahead of a speech to parliament later today.

ABC News

Bill Shorten says robodebt royal commission set to start this year – as it happened

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The Guardian - AU

Morning mail: challenges ahead amid soaring inflation, US lifts interest rate, farewell to Ramsay Street

Thursday: Treasurer trims economic growth prediction amid warnings the world is ‘on the edge’ of global recession. Plus: a deep dive into colonic irrigation clinics

The Guardian - AU

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Chalmers' challenge: why the treasurer's words on the economy carry so much weight

When Bill Clinton’s campaign manager, James Carville, scrawled, “the economy, stupid” on a sign in 1992, he merely wanted the campaign volunteers to stick to their presidential candidate’s talking points.

The Conversation

Jim Chalmers to cut economic growth estimates amid inflation ‘headwinds’

Treasurer will use state of the economy speech to trim 2021-22 growth to 3.75% and provide new inflation, wage and unemployment forecasts

The Guardian - AU

Despite Australia’s soaring inflation rate, some economists say the peak may be ‘coming into view’

Analysis: Inflation optimists look to falling global supply chain pressures but spiking energy prices suggest we haven’t reached a plateau yet

The Guardian - AU

Chalmers' economic statement to say inflation and global slowdown will slash Australia's growth

Headwinds buffeting the economy – notably high inflation and a global slowdown – have led to a significant downgrade of Australia’s economic growth forecasts, compared with the pre-election estimates.

The Conversation

Treasurer warns of economic blow worth billions – and it has already started

Australia's economy is being dealt a massive blow by fast-rising interest rates and slowing global growth, Treasurer Jim Chalmers will warn on Thursday.

The New Daily

The Loop: Australia's inflation hits a 21-year high, the Ben Roberts-Smith trial comes to an end, and a man builds a Bluey ute

Get up to speed on today's headlines with The Loop.

ABC News

Treasurer warns inflation will only get worse after startling new price data

Treasurer Jim Chalmers has warned that Wednesday's alarming inflation figures and associated cost of living crisis will get worse before they get better.

The New Daily

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The Independent UK

Australia's rising inflation lifts risk of 4th rate hike

Australian inflation is rising farther, according to new data that increases the likelihood of the central bank next week hiking interest rates for a fourth consecutive month

AAP

Short-term wage growth unlikely: Chalmers

Jim Chalmers says wages are unlikely to keep up with rising inflation in the short term, as global factors impact on the economy and federal budget.

AAP

Treasurer reveals incentives for EV buyers

The Albanese government has introduced changes to fringe benefit tax and import tariffs to encourage more people to switch to on electric vehicles.

The Guardian - AU

IMF outlook for world economy could herald dark clouds for Australia

Analysis: Treasurer Jim Chalmers will no doubt reveal inherited budget bungles but he won’t need to look far for new tales of economic woe

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ABC News

APRA boss Wayne Byres to leave bank regulator before term expires

The head of Australia's bank regulator will end his term almost two years early, announcing he will step down from his role at the end of October.

The Guardian - AU

Guardian Essential poll: 40% of voters say Labor doing poor job tackling surging cost of living

Half of voters surveyed say they can afford household bills but struggle to find anything extra or report feeling under financial pressure

The Guardian - AU

A flurry of bills, with climate first cab off the rank: what’s on the agenda for the Albanese government?

While the new PM has vowed not to ‘waste a day in government’, budget restraint will be a key theme – and he doesn’t intend to ruffle too many feathers

The New Daily

Michael Pascoe: Reserve Bank review fails at the starting gate

What has been announced is rather like believing a review of the army uniform is overdue, but only reviewing left boots, writes Michael Pascoe.

The New Daily

Foreign investor crackdown to deliver $455 million windfall – but not without costs

Fees paid by foreign property investors will double under a new federal government plan to help ease Australia’s housing affordability crisis.

AAP

Hike to foreign investment fees, penalties

Federal Treasurer Jim Chalmers says the doubling of foreign investment fees will ensure Australians are not slugged with the administrative costs.

The Conversation

ANZ's takeover of Suncorp will reduce bank competition – but will that be enough to block it?

Australia has one of the world’s most concentrated banking sectors, with its four biggest banks – Commonwealth Bank, National Australia Bank, Westpac and ANZ – holding more than about three-quarters of the market.

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