Australian news and politics live: Chalmers ‘proud’ but not ‘satisfied’ as Labor maps next steps

Treasurer Jim Chalmers has called for an end to the “cancerous” back and forth between vested interests in his bid to shake up the Australian economy and deliver much-needed productivity reforms.

In an address to the National Press Club, Dr Chalmers said the country needed an “environment conducive, not hostile to reform”, and called on the media to stop running the “rule-in-rule-out game” on policy, and confirmed tax reform was on the agenda.

“Limiting ourselves to ruling things in or out forever has a cancerous effect on policy debates. “It can rob an informed and modern country like ours of the flexibility and maturity to respond to big challenges,” Dr Chalmers said.

“A related problem is that too often, the loudest calls for economic reform in the abstract come from the noisiest opponents of actual reform in the specific.

Let’s see what we can do together if we reset and renew the national reform conversation.”

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Speaking at the National Press Club in Canberra on Wednesday, Treasurer Jim Chalmers said cutting red tape and fast-tracking approvals will be on his agenda this term.

Dr Chalmers said the Club Labor’s flagship ‘Future Made in Australia’ Act would help simplify doing business and create a better environment for investors.

“We’re working to attract more investment to deepen the capital base of our economy,” he said.

“Our Future Made in Australia is part of that, but we’re also strengthening, streamlining and speeding up project approvals.

“After our first term, more than double the rate of foreign investment approvals, and 50 per cent more environmental approvals are now being processed on time.

“But again, we do know that there’s more to do. And that’s why we’re standing up a single front door to help get major transformational projects off the ground more efficiently as well.”

Treasurer Jim Chalmers has urged Australia not to be scared of productivity as he unashamedly places it front and centre of this second term agenda.

Dr Chalmers sent the message in a National Press Club on Wednesday after Prime Minister Anthony Albanese recently used the same forum to reveal plans for a productivity roundtable in August.

He said lifting productivity is about “empowering workers” and making the most of our human capital through targeted interventions, not threatening jobs.

He said he wants it to “lift the potential of the people and our economy”.

“Too often, it’s seen as a cold, almost soulless concept, when it’s really the best way of making people better off over time, creating more opportunities, making our economy and our society more dynamic.

“Almost every comparable country has the same challenge. Our own productivity problem hasn’t been with us for a couple of years - it’s been with us for a couple of decades.”

Treasurer Jim Chalmers has warned Australia is in a “world of churn and change” and needs to focus on resilience.

Dr Chalmers referred to the unfolding crisis in the Middle East, with the Israel-Iran conflict escalating and in turn impacting oil and supply markets.

He said diversifying was key amid the global volatility.

“In this world of churn and change, we like our chances, but only if we make our economy more resilient, by securing capital and shoring up supply chains,” he said.

“By building more partnerships in our region and diversifying our trade, modernising our economy, and maximising our advantages.

“Our economy is not dynamic or innovative enough.”

Treasurer Jim Chalmers says Australia should be “proud” of the economic situation, especially compared to global partners, but admitted “there is more to do”.

“No major advanced economy has combined unemployment in the low fours with inflation under 2.5, and three years of continuous growth.

“Now, we know this welcome progress in the national aggregate data doesn’t always translate into how people are feeling and faring in local communities.

“In our first term, we stabilised and strengthened our economy.

“We got inflation down. Real wages up, we kept unemployment low, and we improved the budget position. And in important ways, we outperformed our peers.

“We should be proud of that, but we shouldn’t be satisfied with that.”

Treasurer Jim Chalmers has told the National Press Club that productivity, budget sustainability, reform and resilience will shape Albanese’s Government’s second-term economic agenda.

Building on Prime Minister Anthony Albanese’s speech at the same venue last week, Dr Chalmers said that Labor was working to achieve more for Australia after their resounding win on May 3.

“As the PM has made clear here, delivering our commitments in housing and energy and across the board is the best place to start. But it’s also not the limit of our ambitions,” he said.

“They’re a foundation, not a destination. We have a mandate to deliver the policies and plans that we took to the election, but we also have a duty to build on them.”

The CFMEU has failed to overturn the Albanese Government’s move to force the union’s construction division into administration in the High Court.

The Federal Government intervened in August 2024, following claims of bikie and organised crime figures infiltrating the scandal-riddled union, in addition to other serious criminal activity.

Controversial leader John Setka claimed the allegations against the union were false, but said he would step down to stop the intense media coverage.

Former CFMEU officials challenged the Government’s legislation that removed the union’s leadership and placed it under the control of administrator Mark Irving KC.

The plaintiffs, sacked CFMEU officials Michael Ravbar and William Lowth, argued the law was invalid on four grounds, including that it breached their implied freedom of political communication.

The full bench of the High Court found all four arguments were unfounded.

Read the full story here.

Foreign Minister Penny Wong has confirmed Australia will impose targeted sanctions on 60 vessels linked to Russia’s shadow fleet.

“Operating under deceptive practices, including flag-hopping, disabling tracking systems, and operating with inadequate insurance, the shadow fleet enables the illicit trade of Russian oil and other sanctioned goods,” Ms Wong said.

“These sanctions reinforce Australia’s consistent commitment to ensuring Russia, and those enabling its illegal invasion of Ukraine, face consequences.

“Alongside those of key international partners, including Canada, the United Kingdom and the European Union, these sanctions help starve the Russian war economy of oil revenue.”

Australia has imposed over 1,400 sanctions in response to Russia’s invasion of Ukraine.

Prime Minister Anthony Albanese has flagged a trip to the NATO summit in the Netherlands next week after his meeting with US President Donald Trump was canned.

Speaking in Kananaskis in the Rocky Mountains on Wednesday, Mr Albanese said “yes, that is being considered” when asked if he would travel to the upcoming summit in The Hague on June 24-25.

It could mean the pair meet within days instead of the next likely date which would have been in September in Washington around the United Nations General Assembly meeting in New York.

Mr Albanese had initially announced Defence Minister Richard Marles would represent Australia.

Read the full story here.

Prime Minister Anthony Albanese says he has not been asked to send Australian defence assets to the Middle East amid escalating tension in the region.

Mr Albanese was asked if he had received a request after meeting with several world leaders at the G7 on Tuesday (local time).

“No,” he told reporters.

“In the discussions I’ve always had with our European friends…they understand our priority is where we are in the world.

“And so, ‘no’, is the clear answer to that.”