Bridget McKenzie says Australia’s “numbers are in the toilet” compared to other OECD nations; Russia reportedly captures UK man fighting for Ukraine. Follow live updates.
Finance Minister Katy Gallagher says the “pressures on the budget are building, not diminishing” after economists found higher spending and lower company tax revenue would push it into a deeper deficit this financial year. Economic management will be one of the major issues at the coming federal election amid widespread voter discontent over several years of high interest rates and rising prices.
“The Deloitte report quite rightly pulls out the China slowdown and the impact that that’s having on our budget. It’s not unusual to see those, certainly China, and if their economy is weak, that there is some budget impact. But we need to manage that, and we need to find room for investments like housing, like aged care, like Medicare.” Gallagher claimed Labor inherited a situation in which “living standards were falling, inflation was rising, and budget was under enormous pressure”.
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