Australian politics and April 23 recap: Albanese goes on the attack over Liberals’ $21b defence plan

Dr Chalmers and Mr Taylor have both engaged in a scrappy debate, providing few direct answers to questions.

Dr Chalmers is challenging Mr Taylor on his vague answers and lack of details, a technique that appears to be frustrating Mr Taylor, who is using a lot of his allocated time trying to bite back at the Treasurer.

In the few moments they have directly answered questions, they have provided details that have said before.

Mr Taylor said the Coalition has no intention to put new taxes on businesses.

Dr Chalmers said there was an “appetite for taxes to be lower”. He challenged Mr Taylor’s statement, saying he planned to increase taxes.

Mr Taylor began ranting back at Dr Chalmers, working his way through what he believed Labor was planning on doing, eventually landing on changes to capital gains tax.

“Here we go,” laughed Dr Chalmers, prompting laughter from the room.

“You should fess up,” Mr Taylor said.

“Angus, you are going to this election, with policy to increase taxes on 14 million Australians,” Dr Chalmers said, adding this had been reinforced by Peter Dutton.

“You should stop lying,” he added.

“We are cutting taxes,” Dr Chalmers said.

Dr Chalmers said: “Today is the best opportunity for Angus to come clean on what he will cut from the budget.”

Mr Taylor said Dr Chalmers hadn’t noticed the Opposition blocking their spending, saying he didn’t know where the money was.

Asked “tell us where the cuts are coming from”, Mr Taylor said “I’ve been through, where in the house, we have opposed your bad spending”.

Angus Taylor has been asked how much he plans on cutting and “where from” to fund the Coalition’s policies, which have mostly remained a secret financial plan despite early voting now being underway.

“Can I challenge what you said there?” Mr Taylor responded.

“Now is not the time for the Government to say they are going to build houses, we need the private sector.“

Mr Taylor suggested that, from the Coalition opposing some of Labor’s spending over the last three years, money has been held for the Coalition to use for their policies now.

“Most importantly, we can make sure we can get our economy back on track.

Mr Taylor’s voice dropped out as he gave his answer and did not detail further how the Coalition would fund its policies.

Asked what is the single most important economic decision that Australia must make, Dr Chalmers said Australia’s economy must become more resilient.

“Making our economy more resilient is a big priority for the Government.

He said Labor wanted to cut taxes and boost wages and that the Coalition wanted to increase taxes and provide less support.

Mr Taylor also said resilience was the most important, adding that investment is the solution.

Dr Chalmers said “some people want to talk our economy down”, taking aim at Mr Taylor’s criticism of Australia’s current standing.

“But when they do, they are talking Australian businesses down,” Dr Chalmers said.

Spruiking his record, Dr Chalmers said that although business conditions were difficult, growth was better than under the previous Coalition Government.

Dr Chalmers said Labor’s strategy needed to target inflation during the last few years, saying a second term will be an opportunity to fix Australia’s productivity.

Treasurer Jim Chalmers, speaking from the event in Melbourne, said the “global economy is being reshaped” and welcomed the opportunity to speak about what it meant for Australia.

“The world economic outlook, which was released overnight, painted a pretty concerning picture of the world economy.

“We have seen wild fluctuation.

“All as a consequence of the tariff announcement out of Washington DC.

Dr Chalmers said the tariff’s impact on the economy is the fourth disruption in two decades, calling out the financial crisis, the pandemic, the inflation spike and now, the trade war.

Dr Chalmers said although Australia is a “trade reliant country”, Labor has “the right plan” to deal with “what is coming at us from around the world”.

My Taylor said that over his 25 years working in economics, he has learnt that “investment is the absolute key to a strong economy”.

The shadow minister said the private sector will be central” to getting Australia back on track”.

Speaking to the high-flying business executives in the room, Mr Taylor said tape must be slashed so they can get on with running strong businesses.

Angus Taylor has told Australians to ask, “in these uncertain times”, can you afford another Labor Government.

Mr Taylor said Australians are having to “dig deep” and “take on extra jobs” to make ends meet, blaming Labor’s financial management for letting the cost-of-living blow out and standards of living drop.

“Hope is fading,” Mr Taylor said.

“Hope of buying and owning a home and paying off that home over time.

“We think there is a better way.”

Mr Taylor said waste needed to be cut and red tape slashed so Australian businesses could thrive in a strong Australian economy.

Treasurer Jim Chalmers and Shadow Treasurer Angus Taylor have taken to the stage at a Business Council of Australia event for the final treasurer debate of the Federal election campaign.