Karl Stefanovic:
Well, the Albanese government has this morning revealed that wage growth and tax cuts will see millions of Australians pocket an extra $1,800 come tax time, but it won’t be enough to ease growing frustration over the cost of living. For more, we’re joined by Treasurer, Jim Chalmers, live from Canberra.
G’day Jim, nice to see you.
Jim Chalmers:
Morning, Karl.
Stefanovic:
Okay, it must irk you, these latest polls. Are you guys going to be one‑term wonders?
Chalmers:
There have been a couple of polls out this week, Karl, they’ve said different things about the cost of living, and frankly, I think, as you know, we don’t need opinion polls to tell us that people are under pressure even though we’re making some pretty remarkable progress together as Australians in our economy: we’ve got inflation down and wages up and unemployment is low. But that doesn’t always translate into how people are feeling and faring in the economy –
Stefanovic:
Right.
Chalmers:
– they’re still under pressure. And that’s why these tax cuts that you introduced a moment ago are so important, and if you think about – this Saturday is the one‑year anniversary of the difficult decision that Anthony Albanese and I took to make sure that every Australian got taxpayer got a tax cut, not just some, and that’s just one of the ways that we’re helping with the cost‑of‑living pressures that we acknowledge people are still feeling.
Stefanovic:
I think people are still feeling that it’s all a bit lost in translation.
Chalmers:
I’m not sure about that. When people are under pressure obviously they express that politically, I don’t think that’s a big surprise, and for Members of Parliament who are engaged with their own communities and communities around Australia like I like to be, we know without opinion polls that people have been under pressure, even though we’ve got inflation down and wages up, even though we’ve got this remarkable progress in the jobs market.
Stefanovic:
Yeah.
Chalmers:
All of these things are good developments, but people are still under pressure. That’s why as we get closer and closer to the election, and you’re asking me for a political reflection on what’s happening in the economy, the same Australians who are worried about the cost of living would be worse off under Peter Dutton and the Coalition, because Peter Dutton’s gone after Medicare before, he’ll push down wages again, he’ll push up electricity prices with this nuclear insanity, and he’ll take Australia backwards.
There’s a choice at the election. We’ve been helping people with the cost of living, acknowledging the very real pressures that they confront. Our opponents would make things worse.
Stefanovic:
Yeah. Jim, half of all Australians according to this latest poll, as we’ve mentioned, think wages will go down this year and inflation will go up. The cost of living could very well cost you the election. Now whether they’re right or wrong they fear it, which means you’re not getting the messaging right.
Chalmers:
I understand we can always do better, Karl, when it comes to explaining how the economy is faring and how people are faring importantly within the economy. I do acknowledge that, I take responsibility for that, but I say to your viewers, Karl, that we expect real wages to continue to grow, we expect inflation to continue to be down in that Reserve Bank target band, much, much lower than it was a couple of years ago.
The worst of the inflation challenge is behind us, real wages are growing again, and that’s a good thing, and unemployment is low, and so there are very good reasons to be confident, cautious, not complacent, but confident about the year ahead in the economy.
Stefanovic:
All right.
Chalmers:
And people can be confident that we will continue to manage the economy in their interests – and that means cost‑of‑living help, it means maintaining the gains that we’ve made in the labour market, it means getting wages moving again and it means bigger tax cuts as people earn more.
Stefanovic:
All right. A couple of quick ones, we’re getting jammed for time. On antisemitism, it’s an important one nonetheless, you guys had the opportunity months ago to do what you’ve done this week, it’s now cost you your reputation on law and order in some sectors of the community.
Chalmers:
What we’ve been trying to do, Karl, is more than acknowledge these disgraceful acts – this growth in antisemitism is abhorrent in a country like ours which prides itself on its tolerance and its inclusion. And for some months we have been pouring extra resources into security at schools and synagogues, into measures that combat extremism, we’ve been working closely with the law enforcement agencies, cracking down on these disgraceful acts.
We have been doing what we can to respond to this very real challenge of antisemitism, and we’ve been trying to do that in a way that brings people together rather than make these divisions this our community worse.
Stefanovic:
You could have easily, Jim, with respect, you could have easily enacted what you did this week months ago, and you didn’t.
Chalmers:
We have been acting for some months now –
Stefanovic:
But those measures this week.
Chalmers:
They were additional measures, they were on top of some of the steps that we’ve already taken, the resources that we have been pouring into this challenge, and that’s because antisemitism is a disgrace. It is abhorrent, it’s why we’ve been pouring extra resources into it, it’s why we’ve been working closely with law enforcement and the states and territories, and what you saw in the last few days was not the first steps that we are taking in this regard, but additional steps we’re taking.
Stefanovic:
Just finally, if things don’t work out for you guys at this next election, you can always go back to Queensland and fix the debt level there.
Chalmers:
I’m focused on my budget, Karl, you know I’ve got my own challenges.
Stefanovic:
You’ve got plenty of debt of your own.
Chalmers:
We’ve got the debt down in our budget, we’re very proud of the progress we’ve made in our budget. The Queenslanders can sort themselves out. I’m focused on my wheelhouse.
Stefanovic:
Good on you, mate. Thank you.
Chalmers:
Good on you.