Australian news and politics live: Treasurer Jim Chalmers defends Budget and Labor’s sense of progress

In his ‘what’s in it for you’ explanation to all Australians, the treasurer has explained the tax cut relief plan and medical rebates.

“Extending energy bill relief, finding wage increases for care workers, funding wage increases for care workers, making medicines cheaper, relieving student debt, lowering taxes for every Australian taxpayer,” are some of the policies Mr Chalmers highlighted.

“An average household will be more than $15,000 better off from our three rounds of tax cuts and energy bill relief alone.

“Building the earning capacity of Australians for the future as well, by improving access to education so every Australian gets the chance to work in the jobs of the future.

“By investing in Medicare and expanding bulk billing, minimising out of pocket health costs and time out of work.”

Today’s drop in inflation figures has given Federal Treasurer Jim Chalmers a free hit during his Budget speech at the grand hall in Parliament House.

“To give you a sense of progress take inflation,” Mr Chalmers said.

“In the most recent quarterly data, inflation sits at 2.4 percent and just now today’s monthly reading has come out the same 2.4 per cent down again.

“On election night in May of 2022, inflation was more than double that and rising. So when I stood here after our first Budget in October that year, 2022 inflation was nearly triple what it is today.

“We have brought inflation down while encouraging a broader recovery in our economy which is now well under way. Our fiscal policy helped break the back of inflation.

“We have delivered responsible cost of living relief that has directly taken some of the pressure off prices.”

Jim Chalmers has spoken about the economic positives delivered by Labor as not being “accidental”.

“This Budget makes it clear the Australian economy is emerging from a global cost of living crisis in better shape than anyone else.”

“Inflation is down, living standards are rising, real incomes are growing, unemployment is low, interest rates have started to come down, debt is down, and now growth is gathering pace and gathering momentum.

”The two weeks leading into the Budget made clear just how important and how urgent this work has been.

“The human and economic costs of tropical cyclone Alfred, in my neck of the woods, coming so soon after the widespread flooding in North and Far North Queensland, with more damaging heavy rains there just last week.

“And now fresh turmoil in the world vindicates the course that we chose three years ago and it validates the choices that we have made together.

“Not just as a government, but as Australians more broadly.”

Prime Minister Anthony Albanese is in the audience as Treasurer Jim Chalmers addresses a sea of journalists and politicians during his National Press Club Budget speech.

Mr Chalmers has recounted his time in parliament and congratuted Katy Gallagher on her efforts, speaking of the “pile of pide boxes and a sea of tired eyes” during their work to “save the Budget”.

Treasurer Jim Chalmers has ticked the first box with a favourable vote for his tax cuts in the House of Reps and is now preparing to further defend his Budget speech.

Mr Chalmers is about to take the stage and address the National Press Club in Canberra for a follow-up speech and questions on Labor’s economical position ahead of the looming federal election.

Environment Minister Tanya Plibersek has again pushed back a crucial decision for Woodside’s $30 billion North West Shelf project in a move described as an “absolute disgrace”.

The West Australian confirmed Ms Plibersek pushed back the deadline for Federal approvals until May 31, delaying the decision until after the upcoming Federal election, which is tipped to be called this weekend for early May.

The extension was signed on March 24, but was only posted online on Tuesday afternoon while the nation’s media were in Budget “lock-up” without internet access.

“It is an absolute disgrace and act of cynical political manipulation that the Albanese Labor Government has further delayed the decision on the extension of the North West Shelf gas hub until after the Federal election,” WA Liberal Senator Michaelia Cash said on Wednesday.

“To quietly push it out until May 31, on Budget day, beggars belief.

Read the full story here.

Just a couple of hours after Treasurer Jim Chalmers introduced a Bill to legislate the $17bn tax cut package included in last night’s budget, it has passed the House of Reps.

The Greens and the crossbench voted with Labor, while the Coalition voted against the cuts.

It will now go to the Senate.

Inflation slowed slightly to 2.4 per cent in the 12 months to February, in fresh data released ahead of a Reserve Bank board meeting next week.

That was down from 2.5 per cent in the previous December and January, according to the Australian Bureau of Statistics’ monthly inflation report.

Core inflation — which strips out volatility — also softened slightly, from 2.8 per cent to 2.7 per cent.

But the RBA will likely brush off the latest figures and focus on the more-thorough quarterly data due at the end of April.

The central bank’s new monetary policy board will meet on Monday and announce its cash rate call on Tuesday, after the RBA lowered the official interest rate to 4.1 per cent in February.

Markets had overnight on Tuesday judged an 8 per cent chance that the Reserve will cut rates at the meeting.

Read the full story here.

Minister for Home Affairs Tony Burke is on his feet in Parliament and accusing the Opposition of being the party “for higher taxes”.

“Never again let it be said that those opposite are for lower taxes,” Mr Burke fired at the scarcely populated front bench of the Coalition.

“You have to decide if you are for taxes to be higher or if you are for taxes to be lower and those opposite are about to vote for taxes to be higher.

“I want this vote to happen now because I want the Senate to vote on this tonight,” Mr Burke added.

As Labor and the Coalition squared off in the House of Representatives ahead a crucial vote on tax cuts from Tuesday night’s Budget, Opposition Leader Peter Dutton had the PM firmly in his sights.

“I don’t want to show my age here, but you remember the Comedy Company?”, Mr Dutton asked his colleagues.

“There was a great character on the Comedy Company, Uncle Arthur. Remember Uncle Arthur?

“There he was! There he was, floating around, rambling around.

“That speech by the Prime Minister, which darted back to the Gillard years, he projected himself forward, he was stuck yesterday.

“What was that incoherent rant from this Prime Minister, who is out of luck and out of time?”