KIERAN GILBERT:
I’m just going to go live now to the Treasurer. He joins us for a discussion on a significant day, this Final Budget Outcome. Treasurer, can I ask you though, just to pick up on the points that have been made over the last half an hour since you spoke in the Blue Room, surplus is one thing, but what about the impact to punters, to family budgets? You are restricted, aren’t you, in terms of how much you can spend regardless of the surplus given how inflation is and remains a problem?
JIM CHALMERS:
Afternoon Kieran. Thanks for having me back on your show and really just to pick up on some of the points that Kerry was making a moment ago – we understand that the primary objective of our economic policy is to help ease the cost of living and that’s why our major focus is on fighting inflation, rolling out our cost‑of‑living help and that’s why today is so important because it shows that we’ve been able to deliver the first consecutive surpluses in almost 2 decades, not instead of providing cost‑of‑living relief but in addition to providing cost‑of‑living relief. Because of the spending restraint we’ve shown elsewhere in the Budget, because of the savings that we found in the budget, we’ve been able to get the budget in much better nick at the same time as we’re providing tax cuts for every taxpayer, energy bill relief and Commonwealth Rent Assistance increases, cheaper medicines, cheaper early childhood education and getting wages moving again.
I do understand that a lot of people out there want to ensure that the government’s primary focus is on them and I can assure you, and I can assure them, that that is our primary focus – inflation and the cost of living. Delivering these 2 consecutive budget surpluses is a really important part of the fight against inflation.
GILBERT:
The Prime Minister said at the start of Cabinet that the Expenditure Review Committee is going to continue the work. He says that we’ve, I’ll read it to you, the exact quote, he says; ‘our focus has been around this room on delivering cost‑of‑living relief and it’s a great credit to everyone in this room, particularly Jim and Katy. We know there’s more work to do today. We undertake that as we will continue to do in our ERC meetings.’ I just wonder how much scope is there for more cost‑of‑living relief given these pressures that remain and Michele Bullock continues to highlight.
CHALMERS:
Well, I think the big difference that we can make is to roll out our $32 billion investment in housing. We know that housing is a big part of the cost‑of‑living challenge and that’s why it beggars belief, frankly, that the Liberals and Nationals and Greens don’t support our efforts to build more homes for people to rent and to buy. Cost‑of‑living pressures have a number of elements – the tax cuts are important, energy bill relief, all of the other ways that we’re providing cost‑of‑living relief but we also want to roll out this investment in housing because we think that’s a big part of the story as well. And the point that the Prime Minister was making in his characteristically generous way, if I might say that, is that we have worked collectively to ensure that we can roll out that cost‑of‑living relief as well as deliver 2 surpluses, not instead of.
GILBERT:
Yes indeed. You said that it was encouraging the inflation number. Do you think, just to pick up on that, do you feel that we are heading to that sustainable target, that sustainable number inside the 2 to 3 per cent target, as the Governor wants?
CHALMERS:
We’re certainly heading in the right direction when it comes to the way that inflation is coming off really quite considerably in our economy since its peaks in the year that we were elected. Inflation right now in quarterly terms is about half of its peak in 2022, monthly inflation a bit better than that in relation to its peak, and so we’ve made a heap of progress and last Wednesday’s numbers were really encouraging and really heartening because it wasn’t just the headline number that came down, but also the measures of underlying inflation, non‑tradable inflation, services inflation, they all came down in ways that we really welcome but we know that the fight against inflation is not over yet. We don’t get carried away. We know that the monthly figures can be volatile as well, but the direction of travel has been very pleasing and we’ve got a bit further to travel yet.
GILBERT:
Yes, a little bit further. Many mortgage holders hoping that’s not that far away. On the misinformation bill, submissions wrap up today, can I ask you about this misinformation bill? The Coalition says you haven’t got the balance right, that there needs to be freedom of speech protected. Would you go back to the drawing board and talk to them about this?
CHALMERS:
Well, I think they’re running a protection racket for big tech. I think it’s as simple as that. We think misinformation and disinformation is a big threat to people’s safety and to our society and to our economy as well and we want to hold the big tech platforms to account and the steps that we are taking when it comes to misinformation and disinformation are about protecting and cherishing and advancing free speech, not censoring it.
GILBERT:
And finally, I heard you asked about the protests at the weekend. I just want to pick up on what you and Tony Burke have said. Tony Burke said that on the Nasrallah and the Hezbollah protesters, he’s going to scrutinise them. Should they, should the Federal Police be called in? Should protesters be allowed to have terrorist flags, images of a terrorist? Does Tony Burke need to act quickly against this to avoid perceptions that he’s trying to protect his own seat?
CHALMERS:
I think Tony understands that we need to ensure that there’s action taken against people who do the wrong thing. In this case, supporting known terrorist organisations like Hezbollah and Hamas. That is completely unacceptable in our society. It’s illegal under our laws and Tony is all over that. Some of the operational issues are matters for police but from a government point of view, Tony Burke has been a very strident and very strong voice when it comes to reminding people of their obligations to the law. None of us want to see these flags flown in our society. We need to see people punished if and when that’s appropriate and I’m confident that that’s Tony’s position as well.
GILBERT:
Jim Chalmers, I know you’ve got to get going to another commitment. I appreciate you making the time. Thanks.
CHALMERS:
Appreciate your time, Kieran. Thanks.