Treasurer Jim Chalmers has described the economic situation inherited by Labor as “a s--- sandwich” during a rev-up address to his department on Thursday.
Treasurer Jim Chalmers has acknowledged the economic situation inherited by Labor could be described as “a shit sandwich”, but said there was cause for optimism.
“I don’t really see it the same way that the commentators and the cartoonists see it. I think that there are good reasons to be optimistic about our economy, and also optimistic about our country, so long as we are good enough to navigate this tricky set of circumstances that we’ve inherited in the near-term.”“We, collectively, are not here to kind of just write the perfect brief, as important as that is, or help make a good decision here and there,” he said.
“Not just because there’s a new government, but because there is a new set of opportunities ahead of us. And we’ve got a heap of work to do.“We’ve got to make sure that the labour market can deliver rising incomes in a sustainable way over a long period. We’ve got to finally give this country the climate change policy that it needs and deserves to get that energy transition right.“We need the whole place firing because we’ve got a big job to do.
This series of economic statements, culminating in the intergenerational report, will be used by Dr Chalmers to build public support for significant structural changes to tax and spending that Labor will take to the next election.On Friday, Greens leader Adam Bandt, whose party holds the balance of power in the Senate, will step up his calls for Labor to abandon the already-legislated stage three income tax cuts, due to begin on July 1, 2024.
them. That means they have to work through $282 billion of profits – the GDP of Finland – before they would have to pay any tax.
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