Jim Chalmers 2022

The Final Budget Outcome for 2023–24 shows the Albanese Government’s responsible economic management has delivered a second consecutive budget surplus.

The Albanese Government has delivered the first back‑to‑back surpluses in nearly two decades.

JIM CHALMERS:

Yesterday afternoon and into last evening I co‑chaired with Chairman Zheng Shanjie, the Chairman of the National Development and Reform Commission (NDRC), the first Strategic Economic Dialogue in 7 years.

This week I am the first Australian Treasurer in 7 years to meet with Chinese counterparts in China.

It is another important step in stabilising a crucial relationship, full of complexity and opportunity.

It couldn’t be a more important time given new efforts to boost growth in the Chinese economy.

Over the next two days, I will meet with key Chinese counterparts in Beijing.

This is another important step towards stabilising our economic relationship with China.

It will be the first visit by an Australian Treasurer to China in seven years.

JIM CHALMERS:

Thanks, everyone, for coming. I’m going to say a few things about the inflation number. Katy’s going to talk about inflation and the Final Budget Outcome. Then I wanted to preview my trip to China this week, and then obviously happy to take your questions.

New figures today show that underlying inflation has moderated substantially to its lowest level in more than thirty months and headline monthly inflation moderated substantially by 0.8 percentage points in August, returning to the RBA’s target band for first time since October 2021.

These are very welcome and encouraging numbers.

JIM CHALMERS:

Thanks for coming here to Toowoomba. I want to say a few things about the interest rate decision today but I’m conscious that the Reserve Bank Governor is up very shortly in Sydney so I’ll be relatively brief.

ANDREW CLENNELL:

Joining me live from Toowoomba in Queensland is the Treasurer, Jim Chalmers. Jim Chalmers, thank you for your time.

JIM CHALMERS:

Good morning, Andrew, from the beautiful provincial Queensland city of Toowoomba.

CLENNELL:

More relief is rolling out to more people from today, including the first back‑to‑back increase to Commonwealth Rent Assistance in more than 30 years and indexation of pensions and payments opposed by the Liberals and Nationals.

We recognise that people are under the pump and we’re doing something about it.

An extra 47,500 jobs have been created in the last month, with the Albanese Government continuing to oversee the largest increase in employment in a single parliamentary term in Australia’s history.

Under the Albanese Government, more Australians are working, earning more and keeping more of what they earn.