Federal election: Albanese government banks on Jim Chalmers’ budget as Labor election plans start blowing smoke

Late last year, Jim Chalmers predicted the government would have a “compelling economic story” to take to the next election.for a pre-Christmas interview, US Federal Reserve chairman Jerome Powell, when deciding to leave rates on hold, indicated America’s inflation crisis had peaked andChalmers, as convention dictates, would not be drawn on the prospects of rate cuts in Australia, but he openly canvassed the prospect of events in the US leading to much-needed relief in Australia.

“Inflation will have moderated further, we will have had real wages growth in a more sustained way, the budget will be in better nick and, so, whenever the prime minister wants to go, we will have a compelling economic story,” Chalmers said. Secondly, last week’s inflation figures showed underlying inflation at a stubbornly high 4 per cent for the March quarter while, early on Wednesday , Powell struck a very different tone to that of December as the Fed held interest rates steady amid predictions inflation would stay higher for longer.

The development is not only unfortunate for people with mortgages, but indicative of the government’s swingeing fortunes right now.Early election or not, the government is pinning much on this budget and has been using the lead-up to try to set the agenda for the election and a second term. Even in the suburbs, where Made in Australia is designed to resonate, MPs report that voters who are not even faintly across the context of the policy, and still cranky about the cost of living, are expressing concerns about $1 billion being spent on solar panels or “computers”.

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