Category Archives: Jim Chalmers

Australia news live: Chalmers reveals Keating influence on super tax backdown; cost of cybercrime revealed

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Treasurer says he spoke to former PM ‘half a dozen’ times before unveiling changes to his plans for superannuation tax concessions. Follow today’s news live

Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then Nick Visser will take over.

The treasurer, Jim Chalmers, says he spoke to former Labor prime minister Paul Keating ‘half a dozen times’ last week as he finalised the federal government’s watered-down superannuation tax plan. More coming up.

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Superannuation tax changes: new rules have been proposed for your super – here’s what you need to know

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Major changes announced by Jim Chalmers include indexing superannuation balances to inflation and addition of a new threshold taxing balances between $3m and $10m

The Albanese government has dramatically rewritten its major tax policy, caving in to criticism on its controversial superannuation tax plan by raising thresholds and slashing the amount of money it will rake in.

After a long period of sustained attack from politicians and lobby groups, the government has conceded defeat on all major criticisms, with the treasurer, Jim Chalmers, saying the policy rewrites would “better target superannuation concessions”.

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Retirees ‘deserve’ super tax breaks, treasurer says, as government considers how to give younger Australians ‘fair go’

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No plan to alter concessional measures on retirees’ superannuation as part of tax reforms, Jim Chalmers says

Retirees still deserve concessional treatment on their superannuation, the treasurer says, despite mounting calls for an overhaul of the tax system.

Jim Chalmers said fairness for younger generations needed to be considered as part of any change to taxes, after talks at the three-day productivity roundtable in Canberra.

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Young Australians may endure worse lives than their parents, ‘worried’ productivity chief warns

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Productivity Commission chair urges ‘growth mindset’ to solve looming problems for future generations ahead of economic summit, while reiterating call to limit AI regulation

Young Australians may endure worse lives than their parents, the nation’s productivity chief has warned.

Danielle Wood, chair of the productivity commission, said young people are facing a future of lower wages, increased costs and the impacts of climate breakdown without major government action to tackle major economic challenges.

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Natural disasters cost Australia’s economy $2.2bn in first half of 2025, new Treasury analysis shows

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Wild weather, including Cyclone Alfred and floods in NSW and Queensland, significantly slowed retail trade and household spending

Six months of natural disasters in 2025 have cost the economy $2.2bn, largely in slower retail and household spending, according to new federal Treasury analysis.

Wild weather has repeatedly battered the Australian east coast this year.

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Anthony Albanese reveals new cabinet with Tanya Plibersek named as minister for social services

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PM has named his new frontbench, including Michelle Rowland as the new attorney-general, after a factional brawl over positions

Tanya Plibersek has been named the minister for social services as the prime minister, Anthony Albanese, revealed his new frontbench after Labor’s emphatic election victory.

The biggest changes in the new cabinet include Michelle Rowland, as the new attorney-general; health minister Mark Butler getting the NDIS added to his portfolio; Amanda Rishworth being named the new employment and workplace relations minister; Anika Wells being promoted to the communications portfolio; and Murray Watt taking on the environment portfolio.

Richard Marles – deputy prime minister, minister for defence

Penny Wong – minister for foreign affairs

Jim Chalmers – treasurer

Katy Gallagher – minister for finance, minister for the public service, minister for women, minister for government services

Don Farrell – minister for trade and tourism, special minister of state

Tony Burke – minister for home affairs, minister for immigration and citizenship, minister for cybersecurity, minister for the arts

Mark Butler – minister for health and ageing, minister for disability and the national disability insurance scheme

Chris Bowen – minister for climate change and energy

Catherine King – minister for infrastructure, transport, regional development and local government

Amanda Rishworth – minister for employment and workplace relations.

Jason Clare – minister for education

Michelle Rowland - attorney general.

Tanya Plibersek – minister for social services.

Julie Collins – minister for agriculture, fisheries and forestry

Clare O’Neil – minister for housing, minister for homelessness and minister for cities

Madeleine King – minister for resources, minister for northern Australia

Murray Watt – minister for the environment and water

Malarndirri McCarthy – minister for Indigenous Australians

Anika Wells – minister for communications, minister for sport

Pat Conroy – minister for defence industry, minister for Pacific Island affairs

Anne Aly – minister for small business, minister for international development, minister for multicultural affairs

Tim Ayres – minister for industry and innovation, minister for science

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Chalmers calls Coalition’s economic plan an ‘ambush’ as Taylor plugs spending cuts in treasurers’ debate

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Opposition and Labor offer opposing pitches for economy in treasurers’ debate hosted by Sky News

Jim Chalmers has laid into “Peter Dutton’s coalition of cuts and chaos” in a heated televised debate with Angus Taylor, who took aim at a Labor party he claimed had overseen the “biggest collapse in our living standards in history”.

The treasurer and his counterpart went head-to-head in a debate hosted by Sky News on Wednesday night, answering questions on US tariffs, the cost-of-living crisis, energy and housing.

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Federal election ‘will be won or lost in the suburbs’, Chalmers says

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Treasurer is scathing of Coalition’s pledge to repeal Labor’s tax cuts but admits he is ‘very concerned’ about global trade war

The federal election will be a battle of the suburbs, the treasurer says, declaring Labor’s budget and economic plan is focused squarely on the outer suburban areas which may decide the next prime minister.

In an interview with Guardian Australia’s Full Story podcast, Jim Chalmers also dismissed Peter Dutton’s budget reply centrepiece, a temporary fuel excise cut, as providing “no ongoing help with the cost of living”.

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Australia news live: Hastie warns ADF is ‘going to get weaker’ as China tests US allies with ‘gunboat diplomacy’

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Shadow defence minister told ABC RN China is testing US allies as Trump ‘resets relationships in Europe’. Follow today’s news live

ABC pays tribute to Antony Green as he announces upcoming election will be his last on-air

Continuing from our last post: the ABC’s director of news, Justin Stevens, has paid tribute to Antony Green as he announces the upcoming election would be his last on-air with the national broadcaster.

For more than three decades he has performed one of the ABC’s most important roles with precision, impartiality, dedication and unprecedented expertise.

He has the ABC’s immense gratitude and respect. I’m sure our audience joins me in thanking him and wishing him well as he prepares for his final federal election broadcast.

It’s time to retire. I turn 65 this coming weekend. I work on a three-year election cycle with federal elections, I won’t be presenting elections in three years’ time when I’m 68, so this will be my last on-camera election for the ABC.

I’ll stay on for a couple of years, handing over work and doing other things, but essentially I’m deciding to retire and work less.

There are 80 or 90 of them, a book on every election since 1990, state and federal … I [also] redesigned computer system. When I first started this, you had to be in the tally room to get the numbers. It was the only way to get data from the Electoral Commission to the ABC computer, so you had to be there. It’s a completely different world now.

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‘Trusted capital from your long-term ally’: Australian super’s US trip to bolster efforts to avoid Trump’s steel tariffs

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Super Members Council says summit may sway US president on tariffs on Australian industry after seeing scale of investment in US

Australia’s $2.8tn superannuation industry will bolster the Albanese government’s bid to secure an exemption from the Trump administration’s 25% tariffs on steel and aluminium imports this week.

A delegation of Australia’s largest funds will meet with US government officials from Monday, as part of a four-day summit designed to improve awareness of the industry’s long-term contributions to the US economy and its plans to more than double investment.

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As an election looms, will Australians remember Labor for one rate cut or the 12 hikes before that?

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The Albanese government had been sweating on the RBA decision, which clears the way for an election as soon as early April

Jim Chalmers tried to say he wasn’t taking credit for the big banks dropping their interest rates, but the sense of satisfaction – or perhaps relief – among other Labor MPs was palpable in the moments after the Reserve Bank of Australia announced its cut of 25 basis points.

Labor MPs Justine Elliot and Kristy McBain, both under pressure in tough races, tweeted “breaking” updates within two minutes of the announcement. Within a few more minutes, the likes of Jerome Laxale, Josh Wilson, Pat Conroy, Shayne Neumann, Mark Butler, Helen Polley, Tony Sheldon and the retiring Graham Perrett had also taken to their social media accounts to broadcast the news.

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PM labels Coalition’s tax-free lunch plan ‘worst, sloppiest policy’ as Treasury puts cost in the billions

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Costings commissioned by Jim Chalmers suggest policy at risk of being ‘rorted’ could cost up to $10bn a year


The Coalition’s policy for tax-deductible business lunches would cost between $1.6bn and $10bn a year, the Labor government claims, according to costings Jim Chalmers commissioned from his Treasury department.

The treasurer claimed the policy was at risk of being “rorted” by businesses claiming personal food expenses, adding further to confusion about the Coalition’s contentious meals and entertainment policy.

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Inflation data isn’t all sunshine and rainbows for Labor – as Biden and Democrats will attest

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While a pre-election rate cut is widely seen as positive for incumbent governments, it doesn’t necessarily represent a path to victory in itself

The Reserve Bank of Australia is designed to be independent of government, but that does not mean its decisions do not have political consequences.

After Wednesday’s better-than-expected inflation reading, there is now broad consensus among economists that the RBA will cut interest rates next month.

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Australia news live: Gallagher says she expects Pocock to trump her in ACT Senate race; more ball-shaped ‘debris’ on Sydney beach

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Detectives investigating four separate incidents of children being approached by drivers in white vans in Melbourne

Victoria police detectives are investigating four separate incidents in Melbourne in the last month of children being approached by drivers in white vans.

People like Mr Rogan prey on people’s vulnerabilities: they prey on fear, they prey on anxiety, they prey on all of the elements that contribute to uncertainty in society.

They entrepreneur fantasy outcomes and conspiracy outcomes as being a normal part of social narrative – I personally find it deeply repulsive.

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Dutton’s position on international student caps ‘utterly reckless’, Giles says – as it happened

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Oxfam reacts to Australia’s Cop29 pledge

Oxfam Australia has welcomed the government’s Cop29 pledge of $50m towards a global loss and damage fund to help the world’s most vulnerable people to repair the damage from climate breakdown.

If climate change losses and damages are not included in the new global climate finance goal, the new fund for responding to loss and damage risks becoming an empty vessel.

The danger is that developed country governments will prioritise meeting the new and ambitious climate finance goal, and will not prioritise a fund that doesn’t count towards it.

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Backflip on international student caps ‘baffling’, MP says – as it happened

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Three million Australians are at risk of homelessness, a 63% increase since 2016, a new report from Homelessness NSW and Impact Economics has revealed.

By looking at household data including income, support and rental stress, the report found in 2022 there were 3.04m Australians now at risk of homelessness, an increase on the 1.87m reported in 2016.

1 in every five days the frontline services could not assist a family with children because they were so stretched.

Individuals without children were turned away 1 in every 2 days.

Unaccompanied young people and children without accommodation were turned away on 1 in 9 days.

I think more broadly, the government under Anthony Albanese has got an excellent record of managing relationships around the world, making genuine progress, whether it’s with China, whether it’s with American friends or others.

I think when it comes to Peter Dutton, I think he has a kind of a reckless arrogance which doesn’t lend itself to foreign policy and maintaining and managing some of these complex relationships.

I think he would be a risk to our economy, and that’s because that reckless arrogance, which has been a defining feature of his time as a politician over a long period of time now … [it] doesn’t lend itself to managing these relationships, which are so important to us.

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Australian businesses selling essential goods and services to be forced to accept cash payments

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Treasury confirms cheques will stay in circulation until 2029 but then cease to be accepted as legal tender

Businesses selling essential goods and services such as groceries, medicines and fuel will be forced to accept cash from their customers unless granted a special exemption, under a government mandate to take effect from 1 January 2026.

In a move designed to taper the phase-out of cash and ensure those who rely on it can still use it for the near future, the federal government will require certain businesses to take cash payments. But others, including many small businesses, will be exempt from the measure.

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Australia ‘not immune from trade tensions’, Chalmers says of incoming Trump presidency

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Treasurer says he spoke about tariffs to a ‘key member’ of Republican’s economic team before the US election

Australia’s economy will not be immune from escalating trade tensions, Jim Chalmers has warned, as the Albanese government prepares itself for an incoming Donald Trump administration.

In a speech to be delivered on Monday , the treasurer will outline the risks of an “uncertain world characterised by economic vulnerability and volatility” but will say the Australian government is “well-placed and well-prepared”.

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Australia news live: king meets Hephner the alpaca en route to war memorial; Sussan Ley declares purchase of Cessna plane

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King Charles III and Queen Camilla have greeted the crowd at the Australian War Memorial, shaking hands and high-fiving kids. Follow the day’s news live

Independent Kooyong MP responds to Victorian government rezoning plan

Monique Ryan, the federal member for Kooyong, was up on ABC News Breakfast earlier to discuss the Victorian government’s rezoning plan:

The announcement this weekend from the premier was for nine massive new developments just in the electorate of Kooyong. That’s huge. These could be up to 20 storeys high. Of course that will cause some concern from people who live in the area, who have chosen to live there, because it’s a beautiful part of the world.

We’re not saying we don’t want it, I think people in my part of the world are welcoming it. We’d also like some assurances from the government they will include social and affordable housing in these developments. We really don’t have any detail as of yet and that’s the stuff that’s missing at this point.

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Shoppers to no longer pay fees when using debit cards under new Albanese government plan

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Treasurer says uncovering ‘unfair’ practices also part of proposed surcharge revamp designed to give consumers better deal and cut small business’s costs

The federal government is preparing to ban debit card fees and instruct the consumer watchdog to investigate excessive card costs, as the unpopular system of transaction charges gets set for an overhaul.

The proposed changes would mean consumers no longer pay a fee when using their debit card to buy their morning coffee or make a major retail purchase. Credit card fees would still apply.

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