Jim Chalmers 2022

I welcome the Prime Minister’s announcement today that Jenny Wilkinson will serve as the next Secretary to the Treasury and I thank him for the way he has involved and included Katy Gallagher and me in his decision.

Sally Sara:

Sarah Ferguson:

Jim Chalmers:

Today’s National Accounts show that our economy continues to grow in the face of substantial economic headwinds at home and abroad.

While overall growth in the Australian economy remains subdued, the private sector recovery we have planned and prepared for is gradually taking hold.

With all the uncertainty in the world, any growth is a decent outcome.

The Fair Work Commission’s Expert Panel today announced the National Minimum Wage and award wages will increase by 3.5 per cent from 1 July 2025, following the 2024–25 Annual Wage Review.

New figures from the ABS show that headline and underlying inflation remained in the Reserve Bank of Australia’s target band in April.

Today’s result is another demonstration of the substantial and sustained progress we have made on inflation.

Headline inflation was 2.4 per cent through the year to April 2025, unchanged from March.

The Albanese Government is taking the next step in delivering a streamlined and strengthened foreign investment regime with a new, more efficient and more effective online portal to process applications.

This is all about increasing speed, efficiency and transparency for foreign investors looking to put capital to work in Australia.

Michelle Grattan:

Jim Chalmers:

Really good news in the economy this week with interest rates being cut for the second time in 3 months. This is really welcome relief for millions of Australians with a mortgage. We know that there’s a lot of global economic uncertainty. We know that people are still under pressure.