Federal election live: Super-sized rates cut on the table as world markets melt down; Peter Dutton hammered over WFH backflip

Treasurer Jim Chalmers says interest rates could be slashed by 50 basis points next month with more cuts to follow, as the world plunges into economic turmoil.

Treasurer Jim Chalmers has echoed market predictions that the Reserve Bank could slash interest rates by twice the normal level next month as world markets melt down over the US President’s tariffs blitz.

While lashing the Coalition’s “absolute bin fire” economic policies that would lead to “cuts and chaos”, Mr Chalmers insisted our economy was well-placed to survive Donald Trump’s trade war even as the Australian dollar plunges in value and $160bn was wiped off the ASX this morning.

Meanwhile, Opposition Leader Peter Dutton has been campaigning on a major freight bypass funding promise in Adelaide but copping heat over his decision to backflip on his policy to ban public servants working from home.

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