Treasurers clash over economic turmoil in debate: Voters asked ‘who do you trust?’ in Federal election showdown

Australians are being asked who they have more faith in to steer the economy through turbulent times, as Donald Trump’s trade war prompts the major parties to press their economic credentials.

Treasurer Jim Chalmers and his opposition counterpart Angus Taylor clashed over mounting spending, claims of secret cuts and falling living standards in the first treasurers’ election debate on Wednesday night.

But in their pitch to voters, both men essentially urged Australians not to risk it by electing the other side.

Mr Taylor borrowed a slogan from former Liberal prime minister John Howard, casting the coalition as superior economic manager compared to Labor, who he accused of overseeing a record decline in living standards.

“We are living in uncertain and tumultuous times, and the choice of this election is who do you trust to manage the economy?” he said.

Dr Chalmers said electing the coalition would unwind the progress the economy had made under Labor.

“There could not be a more important time for the responsible economic management, which has been the defining feature of this Albanese government,” he said.

“And there could not be a worse time to risk Peter Dutton’s coalition of cuts and chaos, which would make Australians worse off and take Australians backwards.”

The US president’s tariffs have reshaped the election debate, sidelining the previously predominant issue of the cost of living and blunting the coalition’s attack line that people had gotten poorer under Labor.

Dr Chalmers attempted to tie the opposition to Mr Trump, accusing it of copying his policy platforms, such as the Elon Musk-led cost-cutting agency the Department of Government Efficiency.

“We’ve got an opposition leader and an opposition which is absolutely full of these kind of DOGE-y sycophants who have hitched their wagon to American-style slogans and policies and especially cuts which would make Australians worse off,” he said.

Mr Taylor criticised the government for presiding over a budget, released last month, that forecast $179 billion of deficits over the next five years and a return to a structural deficit.

But neither offered a credible plan for economic reform to balance the budget when pressed by moderator Ross Greenwood.

Mr Taylor defended his work ethic in response to a question by Mr Greenwood, while Dr Chalmers was forced to defend a perception that he has a “glass jaw”.

“I think over time, I’ve learned to understand that you take the good with the bad,” he said.

“I think everyone gets grumpy sometimes, but I don’t think I get grumpy about that necessarily.”