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Federal Treasurer Jim Chalmers has dashed hopes of any new cost-of-living relief, warning that his Government is about to be hit with billions of dollars in extra costs to service its debt.
“You will see in the mid-year budget update a magnitude of some billions of dollars, unfortunately”, Chalmers told the media on Sunday. “There is very substantial and intensifying pressure on our budget and budgets around the world”, he said.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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