Australia's economic landscape is marked by significant fiscal challenges as both federal and state budgets approach. Treasurer Jim Chalmers, under the Albanese government's Future Made in Australia agenda, anticipates deeper deficits over the next four years due to increased spending aimed at fostering economic growth. This approach has sparked concerns about exacerbating inflation. Chalmers has warned of 'intensifying financial pressures' and dismissed calls for austerity despite pessimistic inflation forecasts from the Reserve Bank. Concurrently, Victorian Premier Jacinta Allan is preparing to unveil a state budget focused on managing cost-of-living pressures without escalating the state's debt crisis. Economists have urged Allan to curb spending on major projects like the Suburban Rail Loop to preserve the state's credit rating. Shadow Treasurer Angus Taylor has criticized the government's spending addiction. The Reserve Bank's upcoming interest rate decision is closely watched, with specific budget measures like a $400 allocation for school students highlighted. The upcoming budgets are expected to reflect a delicate balance between growth stimulation and inflation control.
Victoria has handed down a conservative budget, which includes a key broken promise, higher levies and rising debt. https://t.co/6Dmy3W4oXB
Victoria’s 2024 budget: “While points for effort need to be awarded when it comes to attempting to clean up the fiscal disaster she inherited, spending is still rife and debt continues to balloon.” #auspol https://t.co/ix46KQUQL5
An independent economist has predicted the Reserve Bank will keep interest rates on hold following Tuesday's meeting, despite a surprise uptick in inflation sparking concerns more rises may be needed to ease pressure on prices. https://t.co/tajkmeesaO
Victorians face an interest bill of $26m a day to service their debt, despite spending cuts and delays to major projects announced in Tuesday’s state budget: https://t.co/aObkF2OYLo https://t.co/4ezT34dfav
Premier Jacinta Allan has handed down her first budget. Find out if you ended up a winner or loser > https://t.co/39kMXo3mET https://t.co/VK57SO80zL
Victoria state budget 2024 winners and losers: $400 for school students, home buyer fund boost and increased levies https://t.co/AGWWB76jYb
STATE BUDGET: Huge tax increases and broken election promises, but relief for school parents and boosts to domestic violence prevention and support. Find out what the state budget means for you > https://t.co/agkZLZAGpe https://t.co/v9Yjeddl4C
Victorian state budget 2024: airport train delayed and sick leave for casuals scrapped in bid to rein in debt https://t.co/SE91TnNXnx
Mr Chalmers says the budget will not take a "slash and burn" approach to spending but would also be "inflation-fighting". https://t.co/bkKsZTVfsm
Treasurer Jim Chalmers is wary of the impact rate rises are having on consumer spending. https://t.co/ue0PZ5UIHd
Today’s state budget will show that net debt will continue to climb until it peaks in 2026-27, fuelled by cost blowouts on the North East Link and higher interest rates https://t.co/Vt3pSeNfZl
With the RBA Board to decide today whether or not to leave its cash rate unchanged at 4.35%, it's interesting (sts) to see inflation expectations fell 0.3pp to 5% in the latest weekly survey by @ANZ_Research and @RoyMorganAus ... https://t.co/3c44n5hJO9
Jim Chalmers has dismissed the significance of the Reserve Bank releasing more pessimistic inflation forecasts after a crucial board meeting on Tuesday, warning that this was not the time for “scorched earth austerity”. https://t.co/36jFwmt5ML
Treasurer Jim Chalmers has admitted the economy has slowed more than he expected ahead of next week's federal budget https://t.co/fuySEnxMty
Aussie homeowners thought interest rate hikes were over but now alarm bells are sounding again. https://t.co/19Bx01w8Wr
Treasurer Jim Chalmers has blasted opposition counterpart Angus Taylor for "deliberately lying" about the economy, declaring he would not be "taking lectures" from the shadow treasurer ahead of the 2024–25 Federal Budget. https://t.co/drqRy0HOWD
Treasurer Jim Chalmers claims his 2024 budget will be “sensible” and will take a “balanced approach” to issues in the global and domestic economies. https://t.co/RTMWX9c47u
Shadow Treasurer Angus Taylor says the first and most important test of the upcoming federal budget is whether or not it will place downward pressure on inflation. https://t.co/zaeruJJzbx
Shadow Treasurer Angus Taylor has accused the Albanese government of being “addicted” to spending. https://t.co/rL4vsN4Mpk
Tuesday's Victorian budget will be focused on families, according to Jacinta Allan who also said the government had made "sensible and disciplined decisions" amid soaring debt. https://t.co/lYRXqRdNrF
Australia’s inflationary problem makes spending "very difficult” for the Albanese government ahead of the budget, says former Labor senator Graham Richardson. https://t.co/8kifBOcSB8
Treasurer Jim Chalmers pushes back on fears next week’s budget will be “expansionary” in spending, rather than “contractionary” and will therefore worsen inflation. He says that assessment is too “blunt”. https://t.co/THi0HyuPXS
Treasurer Jim Chalmers has called out Shadow Treasurer Angus Taylor for his “egregious lies” and has cautioned Australians to take anything he says about the economy “with a grain of salt”. https://t.co/LCrATZ5ICv
As the RBA gears up for its interest rate announcement, concerns are mounting over whether policymakers have done enough to control inflation. https://t.co/d8nUeKDMfu
The windfall is smaller than in the past six updates, prompting Treasurer Jim Chalmers to warn his third budget would be characterised by "intensifying, not easing" financial pressure to show fiscal restraint. https://t.co/Cih3KK0At5
Premier Jacinta Allan says Tuesday’s state budget will address the cost-of-living pressures facing families and businesses, but an economist says the government will have to make “tough decisions” to curb the state’s soaring debt levels. > https://t.co/wL7JjnUD5B https://t.co/DbkQ1C9Nzm
There is growing concern the Albanese government’s Future Made in Australia agenda could exacerbate inflation. https://t.co/myjXx2hane
Jacinta Allan must pull the brakes on spending on the Suburban Rail Loop and other big-ticket items in Tuesday’s budget, and avoid significant tax increases that could affect her state’s already perilous credit rating, top economists warn: https://t.co/vn032qZeZx https://t.co/6Wo3K4TeTB
Forecast deficits will deepen over the next four years as Jim Chalmers is forced to lift spending and funnel investment into new drivers of economic growth under the government’s Future Made in Australia agenda. https://t.co/ho3QdNSGoj