View our Blog
Felix Gold
Far East Gold
Far East Gold
Wellnex Limited
Propell Holdings Ltd
Prescient Theraputics
Site
TRIBE
MDF Global Limited Q&A
MDF Global Limited Q&A

Aussies ‘$32,000 worse off each’ under Budget, warns Chalmers

Australia faces “four more decades of debt” under the current Budget settings, Shadow Treasurer Jim Chalmers said in a scathing National Press Club address on Tuesday.
Australia faces “four more decades of debt” under the current Budget settings, Shadow Treasurer Jim Chalmers said in a scathing National Press Club address on Tuesday. Dr Chalmers accused the Federal Government of using cash handouts and temporary tax cuts to “shield” themselves from voters in the run up to the election, saying the Coalition’s Budget is designed only to deliver a “6-7 week political pay-off” and not deliver for future generations. “Of all the failures in this Budget, all the drift and disappointment of the eight before it, the most glaring omission by far is the future,” he said.  Citing the Federal Government’s 2021 intergenerational report, Dr Chalmers said more needs to be done to shore up wages growth and job security. “If we do nothing to arrest our decline, we face an economy that’s smaller than expected, growing slower than before and saddled with four more decades of debt and deficits and that’s before we even factor in lower productivity growth at the most recent cycle under the Coalition,” he said. 
“In that more realistic case, the economy would be almost 10% smaller in 2060 and Australians would be $32,000 worse off each on average.”
Dr Chalmers did not provide further specific detail on how the Labor Party intends to manage and generate tax revenues despite recent criticism from Treasurer Josh Frydenberg over the issue. Speaking to the ABC’s David Speers on Monday, Mr Frydenberg accused Dr Chalmers of wanting to be “flexible around tax” and avoid sharing the ALP’s plan before Australians head to the polls later this year.  “He wants to have an election budget after the election,” Mr Frydenberg said. “Well, the Australian people deserve to know what flexibility on tax means for Labor, not after the election, but before the election.”
Sources

This Week’s News

News

31st May 2024

Top geo backed by leading resources funds believes he has discovered a potential new gold-copper district

News

8th May 2024

BHP Xplor winner coming to the ASX

News

4th May 2024

AI Industrial Revolution: Aussie company unlocking AI for multinationals

General Advice Warning

Any advice provided by Reach Markets including on its website and by its representatives is general advice only and does not consider your objectives, financial situation or needs, and you should consider whether it is appropriate for you. This might mean that you need to seek personal advice from a representative authorised to provide personal advice. If you are thinking about acquiring a financial product, you should consider our Financial Services Guide (FSG)

including the Privacy Statement and any relevant Product Disclosure Statement or Prospectus (if one is available) to understand the features, risks and returns associated with the investment.

Please click here to read our full warning.

Close
Search

Hit enter to search or ESC to close

cookie By using this website, you agree to our cookie policy. Close