Treasurer Jim Chalmers defends document on economic system | Enterprise & Market Information
Federal Treasurer Jim Chalmers has defended the Authorities’s document on the economic system because the marketing campaign for re-election begins to heat up.
Forward of the release of quarterly inflation figures for December on Wednesday, Dr Chalmers mentioned the federal government’s resolution on tax cuts a 12 months in the past had been the suitable call.
“These tax cuts ensured that Australians could earn more and keep more of what they earn to help them with cost of living,” Dr Chalmers mentioned at a press convention in Brisbane on Saturday.
“That is in many ways an encapsulation of this government’s economic record.
“Inflation is down, wages are up, unemployment is low, and there are tax cuts flowing in our economy right now because of the decision that we took a year ago.”
However there’s a lacking piece to the Albanese Authorities’s pre-election promote: Rates of interest.
There have been 13 rate of interest hikes since Might 2022, which have added hundreds to households’ mortgages.
Wednesday’s quarterly inflation figures could have a massive bearing on whether or not the RBA board cuts charges.
“Monthly inflation has been in the Reserve Bank’s target band for consecutive months,” Dr Chalmers mentioned.
“What we expect to see on Wednesday is a reminder of the progress we’ve made together.
“What we’ve been able to do is roll out cost-of-living help, roll out the tax cuts, get inflation down, get wages up and keep unemployment low.”
Prime Minister Anthony Albanese and Dr Chalmers would love dearly to go the Federal election — to be held some time between now and Might 17 — telling Australians the worst was over and that rates of interest are falling.
However the RBA Board is but to satisfy, with the subsequent assembly not till mid-February when they’ll contemplate whether or not to keep rates of interest on maintain, or cut them.
As reported by The Sunday Instances, WA Premier Roger Prepare dinner has written to the RBA board, imploring it to cut rates of interest.
“Inflation has moderated and there’s no longer any reason for the the Reserve Bank to keep interest rates high,” Mr Prepare dinner informed the RBA.
With the unofficial election marketing campaign now effectively and really in full swing, Dr Chalmers used the press convention to take a swipe at Opposition Chief Peter Dutton.
“Peter Dutton would have made made Australians much worse off in the last couple of years if he had his way,” Dr Chalmers mentioned.
“He’ll make Australians much worse off if he wins the next election.
“That’s becoming clearer and clearer.”
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