Dr Jim Chalmers, Treasurer of Australia, discusses the politically significant budget and living crisis. Topics include budget planning, cost of living support, wealth gap, financial assistance, resource allocation, and addressing cost of living pressures for young individuals.
Chalmers focuses on addressing cost of living crisis through initiatives like 'Future Made in Australia' agenda creating jobs.
Tax policy adjustments aim to redistribute benefits fairly, prioritizing low and middle-income earners and making multinationals pay their share.
Deep dives
Budget Preparation and Priorities
Treasurer Jim Chalmers discusses the intense preparation leading up to the budget, focusing on addressing the country's cost of living crisis. Key areas of discussion included cost of living support initiatives and the 'Future Made in Australia' agenda, aiming to create jobs and align with global net zero targets.
Inequality and Tax Policy
Chalmers highlights efforts to address wealth disparity through tax policy adjustments, ensuring a fairer distribution of benefits. The discussion includes decisions to rewrite tax cuts to benefit low and middle-income earners and measures to make multinationals contribute their share, funding assistance like rent support and affordable medicines.
Budget Focus and Future Considerations
The budget prioritizes supporting those struggling with cost of living pressures, evident in initiatives like the energy rebate. Chalmers explains the challenges in means-testing and justifies the broad eligibility, emphasizing the logistical complexities and broader impact. Future considerations include investments in household electrification and ongoing efforts to balance immediate needs with long-term objectives.
This week, Jim Chalmers delivered what could be the most politically significant budget of his career – with the future of a Labor government and the country’s cost of living crisis on the line.
Today, he joins 7am to discuss his vision for Australia’s economy and whether the government has done enough to end the living crisis.