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The Latest Breaking News from Jim Chalmers

David Littleproud has been invited by the government to its national jobs and skills summit, after Opposition Leader Peter Dutton dismissed it as a stunt.

AAP

Multinational tax crackdown looms as Labor reveals plan to claw back $1.8 billion

Corporations like Facebook and Apple are staring down the barrel of a huge crackdown on their tax affairs as the government moves to claw back billions.

The New Daily

Labor slashes Morrison government’s ‘unrealistic’ productivity forecasts

Treasurer Jim Chalmers said Australians would get ‘real talk’ from his government about the country’s positioning

The Guardian - AU

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Australian central bank hikes rate to 6-year high 1.85%

Australia’s central bank has boosted its benchmark interest rate for a fourth consecutive month to a six-year high of 1.85%

The Independent UK

Families to feel ‘sting’ of RBA rate hike: Chalmers

Treasurer Jim Chalmers says today is “another difficult day for Australian home owners” after the RBA lifted official interest rates to a six-year high.

The New Daily

Reserve Bank hikes official interest rates to six-year high

The Reserve Bank has lifted the cash rate by another half a percentage point as it seeks to rein in rising inflation. It's the fourth rate hike since May.

The New Daily

Government acts to boost local gas supply

The competition watchdog has forecast a gas shortfall in the east coast market next year if excess supply is exported, leading to action by the government.

AAP

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Australia facing ‘alarming’ gas shortfall in 2023 as ACCC urges producers to keep supplies onshore

Treasurer concerned after watchdog report warns of ‘substantial risk’ to nation’s energy security

The Guardian - AU

Jim Chalmers is a storyteller, but will Australians want to listen to a grim economic forecast?

With inflation yet to peak, the treasurer and the new government are taking out political insurance against bad news

The Guardian - AU

Why is diesel so expensive? Retailers are charging 20c per litre more than they should, fuel watchers say

Australians are paying about 20 cents a litre more for diesel than they should be, consumer advocates say. They say there doesn't seem to be a good answer for the high prices.

ABC News

Why some economists believe the Treasurer is being too pessimistic

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.

The New Daily

The Chalmers graphs: 7.75% inflation, plunging real wages, weak growth

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.

The Conversation

Anyone hoping for cost-of-living relief will be disappointed but probably not surprised

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

The Guardian - AU

The Loop: Neighbours comes to an end, the Treasurer warns inflation will get worse, and a Sydney climber's body found on a mountain

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

ABC News

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The Independent UK

Australia forecasts high inflation for another 2 years

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

The New Daily

The ‘harsh truth’ Australian workers will have to face for at least a year

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.

AAP

Treasury revises the economic outlook

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

ABC News

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.

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The Guardian - AU

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

AAP

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.

ABC News

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.

The Guardian - AU

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 Conversation

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.

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