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INSANE: 40 | Rare Historical Photos

Budget update forecasts deficit of $1.1 billion this financial year

The federal budget is headed for a small $1.1 billion deficit this financial year, according to the update released by Treasurer Jim Chalmers and Finance Minister Katy Gallagher on Wednesday morning.

The Conversation

Myefo 2023: Australia’s federal budget on track for wafer-thin $1.1bn deficit

Mid-year economic and fiscal outlook reveals $12.8bn improvement in budget bottom line due to strong labour market and commodity prices

The Guardian - AU

Morning Mail: Chalmers faces crucial choice, Cyclone Jasper to hit today, Cop28 into extra time

Budget update will show boost from commodity prices and immigration; rich countries accused of hypocrisy at climate summit

The Guardian - AU

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Stubbornly high inflation will eat into real wage gains

The federal budget is looking healthy thanks to a surprise revenue boost but inflation is proving persistent and is continuing to hurt household finances.

AAP

Stronger than expected budget position to fuel calls for cost of living relief, economists say

Majority of additional revenue disclosed in midyear budget update likely to be banked to avoid further stoking inflation

The Guardian - AU

Shifting the needle on the housing crisis: will Chalmers’ plan to slug foreign home buyers be enough?

Treasurer has announced plans to triple fees foreigners pay when buying established homes and to double penalties for leaving a property vacant

The Guardian - AU

Government debt now fastest-growing spending pressure

The federal government's debt bill is set to balloon as higher interest rates push up the cost of borrowing.

AAP

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Education review released – as it happened

This blog is now closed.

The Guardian - AU

Migration overhaul targets students and dodgy employers

A plan to fix a faltering migration system will take aim at bogus international students and unscrupulous employers while trying to reduce overall migration.

AAP

Australia’s economy 2023 report: how it started v how it’s going

Stronger than expected population growth made inflation hardier than most experts predicted and property prices defied successive rate rises

The Guardian - AU

Grattan on Friday: winners and losers in end-of-year report card on Albanese ministers

It’s not just kids who get report cards (PDFs these days) as school breaks up. So do government ministers, when parliament rises at year’s end.

The Conversation

New commissioner picked to run tax office

The federal government has filled two pivotal economic roles at the tax office and Reserve Bank of Australia.

AAP

Bracket creep is cooling Australia’s economy – it’s good news for interest rates but not for household budgets

The weak economy probably means the next RBA rates move – short of an inflation surprise next month – will be a cut

The Guardian - AU

States agree to do more heavy lifting on disability, in exchange for extra health and GST funding

The Albanese government has promised extra funding for health and to extend its top-up of the GST, in exchange for the states undertaking more of the heavy lifting on disability to help curb the National Disability Insurance Scheme’s cost blowout.

The Conversation

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The Conversation

The 7 charts that show Australians struggling as saving falls to near zero

The national accounts released by the Australian Bureau of Statistics show economic growth slid to a measly 0.2% in the last quarter.

The Guardian - AU

Australia’s economic growth slows, reducing chance of another interest rate rise next year

Economy grows more slowly than expected, with consumer spending flat under the pressure of high interest rates

AAP

Economy weakens as rising costs take toll on households

The Australian economy almost came to standstill last quarter, with clear signs of financial pain in the household sector.

AAP

Funding deals struck with states on GST, health, NDIS

Anthony Albanese has negotiated deals with states and territories on extra health funding, the GST carve-up and the National Disability Insurance Scheme.

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The Guardian - AU

Jim Chalmers open to clean energy investment reforms pushed by super funds

Treasurer says government ‘committed to consider’ proposals, including concessional finance to bankroll new transmission infrastructure

AAP

Government taps private investors for net zero, defence

Jim Chalmers will consider a number of ideas raised at a roundtable with some of Australia's largest investors to boost energy, defence and social support.

AAP

Superannuation access for retirees goes under spotlight

Treasurer Jim Chalmers has released for public consultation a discussion paper on how to make superannuation more accessible and workable for retirees.

AAP

Hints of cooling inflation as next rates call looms

Aggressive interest rate hikes are working to slow the economy, timely measures of price movements and the jobs market suggest.

The Guardian - AU

Scammer paid Facebook 7c per view to circulate video of deepfake Jim Chalmers and Gina Rinehart

Video is designed to appear like A Current Affair interview and features altered versions of treasurer and rich listers

The Guardian - AU

Jim Chalmers welcomes OECD prediction RBA has reached interest rate peak

Federal treasurer downplays prospect of posting a second successive budget surplus

AAP

Chalmers open to talks with states on GST

Ahead of a treasurers' meeting, Jim Chalmers says he will work with the states to ensure they get a fair share of goods and services tax revenue.

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