Chalmers grilled during post-budget National Press Club appearance

Inflation, interest rates and"unavoidable" spending faced heavy scrutiny as Treasurer Jim Chalmers appeared at the National Press Club for a post-budget address. Treasurer Jim Chalmers has faced heavy scrutiny over inflation, interest rates and claims of"unavoidable" spending as he delivered a post-budget address to the National Press Club on Wednesday., despite the Treasurer delivering a $9.3 billion surplus and a $7.

"I don't tell Governor Bullock how to do her job. She doesn't tell me how I do my job," the Treasurer declared, arguing the two did"compare notes" and the RBA Governor was aligned with the government's goal of bringing down pressure on prices. However, Mr Rynne highlighted that"production costs associated with supplying energy are unchanged," meaning that without a reduction in the cost of generating power inflation is set to jump again as soon as the government ends its additional support.

"That applies to the design of our cost of living relief as well and there has been an effort, I think, to kind of recategorise and redefine and reclassify what inflation is in our economy. Put to Mr Chalmers that federal payments were due to hit 26.6 per cent of GDP, the highest level in almost 40 years outside the pandemic, the Treasurer claimed the bulk of spending was"unavoidable," and sought to compare the government's expenditure growth with that of the opposition.

While the Treasurer was correct to highlight real spending growth has been low under the government so far, economists say the comparison to the previous Coalition government is misleading.

Source: Loan Digest (loandigest.net)

Treasurer Future Made In Australia Jim Chalmers Inflation Michele Bullock RBA COVID-19 Pandemic Cost Of Living Federal Budget KPMG Budget Reserve Bank Surplus Albanese Government Brendan Rynne Core Inflation' Consumer Price Index Labor Morrison Government EY Cherelle Murphy Government Spending CPI Press Club Interest Rates

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