Treasurer Jim Chalmers has warned that the dire budget position and “skyrocketing” inflation mean the Labor government cannot afford extra spending beyond its election commitments, as he accused the Morrison government of failing to disclose all the budget pressures.
In his first news conference as Treasurer, Dr Chalmers said not to expect the budget to improve immediately despite high commodity prices and low unemployment.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
