Jim Chalmers says budget will be ‘our most responsible yet’
Josh Butler
The government is boasting of making bigger than usual savings in next week’s budget, with Jim Chalmers saying his fourth budget will have “more restraint”.
The treasurer said:
Responsible economic management has been a hallmark of this Albanese Government and the May Budget will be our most responsible yet.
It’s understood next Tuesday’s budget will include a bigger than usual gross saving, and represent the second consecutive budget where the government says it has saved more than it has spent. Any upward revisions to revenue will also be banked, in an effort to pay down debt and improve the budget bottom line.
“There will be more savings and more spending restraint helping to pay down more of the trillion dollars of debt that the Liberals left behind,” Chalmers said.
The treasurer added:
We’re getting the budget in better nick because that helps to fund the things that Australians need and deserve like Medicare, aged care and cost-of-living relief.
In this Budget you’ll see more responsible economic management and more restraint from the Albanese Government.
Amidst concern about inflation, and the effect of government spending on it, Labor says it is seeking to keep real spending growth in check.
Key events
Japan’s prime minister Sanae Takaichi has arrived in Australia for her first visit as leader as the two nations seek to shore up energy and defence ties.
Takaichi was greeted by foreign minister Penny Wong when she landed in Canberra on Sunday evening ahead of a meeting with prime minister Anthony Albanese at Parliament House today, AAP reports.
The visit marks the 50th anniversary of the Nara Treaty, which set up relations and co-operation between Australia and Japan.
While that treaty was negotiated in the context of the 1973 Middle East oil shock, this trip also takes place against the backdrop of a fuel crisis caused by the US-led war on Iran.
A deal on critical minerals is expected, while Takaichi is likely to seek assurances from Australia for certainty about gas supplies.
During her stay in the nation’s capital, the Japanese leader will also visit the Australian War Memorial, where she will lay a wreath at the tomb of the unknown soldier.
The conservative Japanese leader, who considers Margaret Thatcher an inspiration, won a massive election victory in October, giving her a mandate to push through key reforms, particularly on defence.
Although Australia and Japan do not have a formal alliance, the relationship remains close as the two countries work together on security issues in the Indo-Pacific.
It is the first time a Japanese prime minister has visited Australia since Fumio Kishida travelled to Perth in late 2022.
However, it will be the fourth time Albanese and Takaichi have met, with the leaders last holding talks on the sidelines of the G20 Summit in South Africa in November.
Jim Chalmers says budget will be ‘our most responsible yet’
Josh Butler
The government is boasting of making bigger than usual savings in next week’s budget, with Jim Chalmers saying his fourth budget will have “more restraint”.
The treasurer said:
Responsible economic management has been a hallmark of this Albanese Government and the May Budget will be our most responsible yet.
It’s understood next Tuesday’s budget will include a bigger than usual gross saving, and represent the second consecutive budget where the government says it has saved more than it has spent. Any upward revisions to revenue will also be banked, in an effort to pay down debt and improve the budget bottom line.
“There will be more savings and more spending restraint helping to pay down more of the trillion dollars of debt that the Liberals left behind,” Chalmers said.
The treasurer added:
We’re getting the budget in better nick because that helps to fund the things that Australians need and deserve like Medicare, aged care and cost-of-living relief.
In this Budget you’ll see more responsible economic management and more restraint from the Albanese Government.
Amidst concern about inflation, and the effect of government spending on it, Labor says it is seeking to keep real spending growth in check.
Good morning
Welcome to your Monday live news blog. I’m Stephanie Convery and I’ll be with you until early this afternoon.
The Australian government claims it will be making bigger than usual savings in next week’s budget, with treasurer Jim Chalmers saying his fourth budget will have “more restraint”.
The royal commission into antisemitism begins its public hearings this morning, with families of victims of the Bondi terror shooting to be among the first witnesses called.
And Japan’s prime minister Sanae Takaichi has arrived in Australia for her first visit as leader as the two nations seek to shore up energy and defence ties. She’ll meet with Anthony Albanese in Canberra today.
Make yourself a coffee, and I’ll bring you more on all of these stories shortly.
