Jim Chalmers 2022

The Albanese Government is taking action so Australians can continue to pay with cash for essential items if they want to or need to.

The Government will mandate that businesses must accept cash when selling essential items, with appropriate exemptions for small businesses.

MICHELLE GRATTAN:

Jim Chalmers, your mid‑year Budget update shows the budget projecting a string of deficits, and we won’t be back in balance until the mid‑2030s. That’s a hell of a long way away. Don’t you think we need to do better than this?

JIM CHALMERS:

The Albanese Government has today released a new tool to better streamline and coordinate regulation in the financial sector to help build a more competitive, dynamic and productive economy.

Pressures on the budget are becoming more intense but after 30 months of the Albanese government’s responsible economic management we are much better prepared and better placed to deal with them.

When we came to office in May 2022 inflation was much higher and rising rapidly, interest rates were going up and real wages were going backwards.

SARAH FERGUSON:

Treasurer, welcome to 7.30. Is this your pre‑election Budget?

JIM CHALMERS:

We’re working towards a budget in March. That’s the schedule that we’ve been working to.

JIM CHALMERS:

Good morning, everyone.

We’re obviously here to talk about the Mid‑Year Economic and Fiscal Outlook, but I wanted to cover off on some points about Vanuatu first. Then I’ll make some introductory comments and then Katy on the MYEFO and then a couple of other issues to cover off and then obviously happy to take your questions.

Responsible economic management is the hallmark of the Albanese Government’s first term and it’s the focus of the mid‑year budget update we’ve released today.

These figures show an improvement in the bottom line for this year since the Budget, and a big improvement to the bottom line since the election.

EMMA REBELLATO:

Well, let’s get more on the government’s mid‑year economic update to be handed down later this morning. Treasurer Jim Chalmers joins us now from Parliament House. Treasurer, thanks for joining us on what is a very busy day for you today.

JIM CHALMERS:

Thanks for having me back.

REBELLATO:

SAM ARMYTAGE:

Treasurer Jim Chalmers joins us now live from Canberra. Treasurer, good morning. Peter Dutton says that you’ve lost control of the budget. Have you?

JIM CHALMERS:

Of course not, Sam. The budget is in much better nick than what we inherited from Peter Dutton and the Liberal Party.

PETER STEFANOVIC:

Joining us is the Treasurer, Jim Chalmers. Treasurer, good to see you. It’s all ahead of MYEFO today, a big day for you no doubt. I do want to lead off with what’s going in Vanuatu, as I understand the death toll has just climbed to 14, and there is help that is on the way from the Australian Government.