Jim Chalmers 2022

NATALIE BARR:

The federal government is set to deliver more cost‑of‑living relief in the May Budget. It comes after Labor suffered a significant swing against them in Saturday’s by‑election. Dunkley is a mortgage belt seat with voters making their hip pocket pain loud and clear.

KIERAN GILBERT:

Let’s go live to the Treasurer Jim Chalmers who joins us from Melbourne today. Treasurer, thanks for your time. Does the result at the weekend, does it give you a sense of vindication on your push for those tax changes?

JIM CHALMERS:

PATRICIA KARVELAS:

Treasurer, welcome back to Breakfast.

JIM CHALMERS:

Thanks for having me back on your show, Patricia.

KARVELAS:

In your speech you were warning that GDP growth figures due next week are expected to be weak. How weak?

CHALMERS:

Friends, let’s not mince our words.

The soft landing we seek at home and in the global economy is assumed but not assured.

Yes, global inflation has peaked, issues in the banking system have been well‑contained, and growth in some major economies like the United States has defied expectations.

Bom dia – lovely to see you all again, this time in São Paulo.

I want to thank the Brazilian Presidency and especially Minister Haddad for the agenda he has put together for us.

It recognises that the three big shocks of the past 15 years – the GFC, the pandemic, the spike in global inflation –

Today’s Monthly Consumer Price Index Indicator shows annual inflation of 3.4 per cent in the 12 months to January 2024.

This is the equal lowest in more than two years and much lower than the 6.1 per cent that we inherited when we came to office.

The Albanese Labor Government’s cost‑of‑living tax cuts today passed the Senate.

We want Australians to earn more and keep more of what they earn and our bigger tax cuts for more taxpayers will help make that happen.

Labor's legislation will deliver a tax cut for every taxpayer, and more tax relief for more people to help with the cost of living.

This week I will join international counterparts in Brazil as part of the G20 Finance Ministers and Central Bank Governors meetings in Sao Paulo.

The global economic outlook is highly uncertain and the risks are evolving.

Today I met with New Zealand’s Minister for Finance the Hon Nicola Willis MP for a productive discussion on a range of shared economic priorities.

We want to build even closer ties with one of our closest neighbours because we know that’s mutually beneficial for our people, our communities and our economies.

One of the reasons we spent time in the West this week is because we are big believers in the workers and communities of WA and that’s why they are front and centre in our economic plan.

Because of our efforts WA workers are earning more, and because of our tax cuts they’ll be keeping more of what they earn as well.