Inflation is expected to outpace wage growth until mid-2024, meaning bills will get more expensive while wages are effectively going backwards.
‘No cheques in the mail’
The economy is expected to slow as inflation peaks towards the end of the year and as high energy prices and increasing interest rates squeeze businesses.
We see migration as a very important part of our economic policy
“People shouldn’t expect that we will be sending cheques in the mail.”
Faster visa processing promised
The Morrison government cut $875 million from the Department of Home Affairs migration program — which processes visa — over four years.
“There’ll be a modest increase in areas like helping to settle people from war-torn Ukraine, but we will always be supportive of settlement services. We know how important they are.”
Job losses could be on the way
“I think people broadly understand that the economy will slow, and unemployment will tick up a bit, but still lower than what it was before the pandemic,” Dr Chalmers said.
Chief Political Correspondent Anna Henderson sat down with the Treasurer Jim Chalmers.
Opposition leader Peter Dutton said Labor promised it would help struggling families during the election, but was now delivering job losses.
Labor says it is offering targeted relief in ways that do not drive-up inflation, including cheaper childcare cheaper, changes to paid parental leave and infrastructure support, such as extending the National Broadband Network.