Jim Chalmers 2022

Today I had my first call with Indonesia’s new Finance Minister Purbaya Yudhi Sadewa, building on the strong and enduring relationship between our two countries.

Australia has a close friendship and strategic partnership with Indonesia and our work together is even more critical at a time of heightened global uncertainty.

Leeanne Enoch:

Jim Chalmers:

Today, unsurprisingly, the independent Reserve Bank left the cash rate on hold at 3.60 per cent. This is not the outcome that millions of Australian homeowners would have wanted but it’s certainly the outcome that markets and economists were expecting.

The Albanese Labor Government is today delivering a fourth increase in award wages to the dedicated workers who provide aged care services to older Australians.

This is good for workers, good for the economy and will help with the cost of living.

International ratings agency S&P has today reaffirmed Australia’s AAA credit rating.

This is a resounding endorsement of the Albanese Labor Government’s responsible economic management.

It shows that under Labor, Australia has one of the best budgets in the G20.

“Australia’s fiscal performance is sound… Australia’s economic outlook is sound.” the report reads.

Today the independent Reserve Bank of Australia Monetary Policy Board kept interest rates on hold at 3.60 per cent.

While millions of Australians would’ve wanted to see more rate relief, this decision was widely anticipated and widely expected by markets and economists.

Rates have already come down three times this year and that’s a good thing.

Jim Chalmers:

Responsible economic management is a defining feature of our Labor government and you can see that in the Final Budget Outcome which is being released today.

Today the Albanese Government has signed the First Nations Economic Partnership.

This is about helping First Nations Australians to secure more of the jobs and opportunities that we’re creating in our economy.

The Final Budget Outcome for 2024–25 shows the Albanese Labor Government has delivered the largest nominal improvement in the Budget in a single Parliamentary term.

In dollar terms, we’ve made more progress on the Budget in three years than any government in history.

It’s a reminder that we have one of the strongest budgets in the G20.

Anthony Albanese: