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The Latest Breaking News from Jim Chalmers

Australia's Reserve Bank has got a lot right, but there's still a case for an inquiry

Treasurer Jim Chalmers is about to commission an independent review of the Reserve Bank of Australia. Refreshingly, his election promise was bipartisan – both sides of politics want it.

The Conversation

Madonna King: When the cost of living becomes the cost of suffering

Floods, COVID supply issues and war created a perfect storm. Those battening down the hatches aren’t seeing perfection anywhere near their household spend.

The New Daily

Cost-of-living crisis another case of runaway inflation

Both a full-blown cost-of-living crisis and a related but independent energy crisis have broken out in the past month, as Labor takes the government reins.

The New Daily

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Grattan on Friday: If the Albanese government did what really needs to be done, it would be a very big target

Usually the speeches of treasury secretaries are relatively bland, echoes of their political masters. But an address this week from Steven Kennedy was something quite different.

The Conversation

Payroll jobs grow more slowly than 2021

The Australian Bureau of Statistics said payroll jobs grew by 0.2 per cent in the month to May, recovering after the impact of the Easter holiday in April.

AAP

Albanese says cost of living concerns will be ‘front and centre’ of cabinet meeting

Inflation, energy prices and wages growth on Labor’s agenda as pressure builds to provide relief to low income earners before October budget

The Guardian - AU

Kiwis eye Aussie citizenship under Labor

Kiwis hoping for an improved pathway to Australian citizenship are pinning their hopes on the 'MP for New Zealanders', Treasurer Jim Chalmers.

AAP

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Embattled buy now, pay later sector to be regulated under credit laws

Financial services minister Stephen Jones says government will also move to regulate cryptocurrency exchanges like other financial markets

The Guardian - AU

Challenges loom large for new Albanese government

Members of the Albanese government say they do not need to exaggerate when discussing the challenges stretching out before them.

The New Daily

Treasurer warns of ‘severity and magnitude of inflation challenge’ after RBA hikes official interest rate

Jim Chalmers responds to Reserve Bank decision to lift cash rate 50 basis points as Anthony Albanese declines to comment during Indonesia trip

The Guardian - AU

A 'difficult' day for homeowners as Treasurer Jim Chalmers predicts more pain before inflation is brought under control

Jim Chalmers says a rise in interest rates is "difficult news" for home owners and warns life in Australia is set to become even more expensive.

ABC News

Reserve Bank hikes official interest rate by 50 basis points to 0.85% to curb inflation

Decision exceeded predictions from economists while Westpac was the first of the big banks to pass on the rise in full to customers

The Guardian - AU

Skilful economic measures are needed to fight the inflation stalking Australia’s households

Tight labour markets, geopolitical uncertainty and the climate crisis all present gnarly challenges. Three experts explain the solutions

The Guardian - AU

Can anything be done about the ‘perfect storm’ in Australia’s energy markets?

Russia’s invasion of Ukraine, squeezed gas retailers and a cold snap are combining to put pressure on the grid

The Guardian - AU

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The Conversation

Grattan on Friday: Albanese government mugged by gas crisis as it faces challenge of managing expectations

Tony Burke reads a poem aloud every day and has a piano lesson once a week.

ABC News

Australians 'panicking' as power prices skyrocket, consumer advocates say

Robert Meggs switched to a smaller electricity provider to get a better deal. Then his rates more than doubled. It's an increasingly common story.

Pedestrian.tv

Your Electricity Bill Is Going To Get A Lot More Expensive This Cold Szn Here’s Why

As if paying $2 for a litre of petrol wasn’t enough, everyone’s power bills are set to leap up next month as electricity prices become the latest addition to our high cost of living. Time to live under my doona so I don’t have to turn my heater on.The Australian…

The Conversation

Here's a scheme Labor should ditch in its bid to boost productivity. It's the 'patent box'

Australia’s new treasurer Jim Chalmers says his biggest priorities include boosting productivity and business investment.

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AAP

Minister fuels up for gas price action

Energy Minister Chris Bowen is consulting with his state and territory counterparts about what levers can be pulled to ease burgeoning gas prices.

The Guardian - AU

Environment minister seeks ‘urgent briefing’ over scrapped recovery plans – as it happened

Follow all the day’s news

ABC News

Federal government's 'gas trigger' to keep supplies onshore may not be pulled just to put a lid on high prices

As gas prices rocket upwards, the federal government is fielding questions on whether it would use its "gas trigger" powers to force gas exporters to keep supplies onshore. But high prices alone may not be enough to pull the trigger.

The Guardian - AU

‘World of pain’: warnings of gas shortages amid soaring power prices add to Australia’s energy woes

Market operator warns of possible shortfall of gas supplies on Thursday in Victoria, South Australia and Tasmania amid cold snap

The New Daily

Labor’s full cabinet has finally been sworn in. Here’s a who’s who of new ministers

Although Labor hasn't been in government since 2013, almost half of the new cabinet have past experience as government ministers.

ABC News

The Loop: Treasurer warns of 'dire' budget situation, Labor's new ministry sworn in, and a community's farewell of the 'waving man'

Here's your TL;DR for today's news.

Newcastle Herald

'Rocketed away': no easy answers on power price spikes, treasurer warns

Treasurer Jim Chalmers says the spike in gas prices has multiple causes and no easy solutions.

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