Budget
Background
A government member asked the Treasurer about the importance of budget reforms in current economic conditions and how they compare to alternative approaches.
Question
The member asked why the core budget reforms were significant given current economic conditions and how the government's approach compared with other strategies.
Answer from Jim Chalmers
The Treasurer noted that while April inflation data showed a welcome decrease, particularly in petrol, rents, and food, inflation remained too high. He emphasized that the budget strategy was responsible, saving more than it spent and reducing debt, while cutting fuel and income taxes to help with the cost of living. He stated that the upcoming tax cut legislation, which includes changes to the CGT discount and negative gearing, would save the average worker $2,800 annually. He criticized the opposition for opposing tax cuts and promoting policies that would talk down the economy and increase division, contrasting this with the government's goals of improving housing affordability and aligning tax treatment.
Summary in reported speech - not a transcript. AI-generated, so check the source.