Bob Hawke’s first 100 days of government set the economic agenda for a decade. Scullin and Abbott’s first 100 days struggled. Where will Jim Chalmers go?
The day after the May 21 election, Jim Chalmers sat down in his Brisbane home with Treasury secretary Steven Kennedy.
While the focus has been on petrol prices, inflation is across the entire economy. From pets to olive oil, prices are easily out-pacing wages growth. Many of those issues will be on display at this week’s jobs and skills summit but behind the scenes, the focus is growing on the October 25 budget for the 2022-23 financial year.
In February, $1 billion of federal debt to be repaid by November 2031 was sold at an interest rate of 1.93 per cent. In the week before the March budget, another $1 billion that won’t be repaid until November 2031 was sold at an interest rate of 2.75 per cent.That increase in interest has a real impact on the budget. The February debt will cost taxpayers $19.3 million a year in interest costs. The August debt, though it’s lower than what was sold in February, will cost the budget $25.
The bank was already under fire for its handing of interest rates before COVID-19. It has since come under attack for saying rates could remain at 0.1 per cent until 2024 before it started tightening monetary policy in the election campaign.This week’s summit has drawn parallels with Bob Hawke and Paul Keating’s summit, held within 100 days of their election victory of 1983.
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