Jim Chalmers has flagged the October budget will reveal the nation’s finances are in a worse position than Treasury’s pre-election update, saying “pressures on the budget which were not disclosed or booked by the previous government” would overwhelm the expected windfall from soaring commodity prices…
After campaigning on lowering power bills longer term through boosted investment in renewable energy, Dr Chalmers said over coming months households should brace themselves for “a spike in power prices that will make it harder for Australian families to make ends meet”.
Dr Chalmers, who said he has spoken with six of the eight state and territory treasurers, and is playing “phone tag” with NSW’s Matt Kean and Queensland’s Cameron Dick, sketched out a two-stage fiscal strategy.
As Anthony Albanese solemnly stated before the election, Australians should expect a 5.1 per cent pay rise. He also promised to shut down dirty electricity generation and tackle inflation. Let’s hope the training-wheels Treasurer gets some quality tips from Messrs Dick and Kean on how to do this, while lifting productivity, lowering power bills, boosting the NDIS, building thousands of homes and paying off the Pacific to ward off the Chinese.