Chalmers

ACT independent David Pocock is calling for a 25% tax on gas exports to fund welfare and housing. Follow today’s news liveGet our breaking news email, free app or daily news podcastLabor should use the proceeds of limiting tax concessions for property investors and a crackdown on gas export profits to fund welfare increases and build housing, charities and social service groups say.Ahead of next month’s federal budget, the Albanese government is under pressure to wind back negative gearing rules and the 50% capital gains tax discount for property investments, and to tax more of the profits from soaring commodity exports, pushed up by the global energy shock.People on the lowest incomes are skipping meals, delaying medical care and rationing energy just to get by.Frontline services are operating at capacity, facing growing demand and increasingly complex needs. Current policy settings are not meeting the needs of our communities – it’s clear that significant and sustained public investment is essential. Continue reading...

Australian treasurer says Iran war having ‘extreme impact on global economy’ as Albanese to address nation about fuel crisis Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastJim Chalmers has unveiled a suite of Covid-era support measures including tax deferrals for businesses struggling with soaring fuel prices, in the latest sign the government is preparing for a more severe economic downturn from the US-Israel war on Iran.Addressing the media on Wednesday morning, the treasurer said “the war in the Middle East is having an extreme impact on the global economy, [and[ Australians and Australian small businesses are paying the price for that”. Continue reading...

Treasurer plans ‘ambitious’ changes to target intergenerational inequity. Follow today’s news liveGet our breaking news email, free app or daily news podcastGood morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Nick Visser with the main action.Jim Chalmers will today promise to deliver a trio of “ambitious reform packages” in the May budget that will rebuild fiscal buffers, make the tax system fairer and lift the nation’s lagging productivity performance. The treasurer will be speaking at an event in Melbourne at 12.30pm. More coming up. Continue reading...

Economists predict RBA will raise interest rates this week and in May – days before treasurer unveils budgetFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastHouseholds can expect significant additional cost-of-living pressures because of the war in the Middle East, with Jim Chalmers confirming that the government expects inflation to rise beyond 4.5% in Australia.But the treasurer said he did not expect the economy to fall into recession because of the war sparked by US and Israeli bombings in Iran. Continue reading...