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Treasurer defends government’s economic record
Treasurer Jim Chalmers has defended the government’s economic record as Australians brace for an almost certain Reserve Bank interest rate rise, insisting inflation is not out of control.
Chalmers has been on a media blitz this morning, appearing across television and radio to spruik the government’s record while acknowledging the challenge of bringing inflation down amid the cost-of-living crisis.
He said the government was focused on two key priorities: bringing inflation under control while keeping unemployment low.
The Reserve Bank’s dual mandate also reflects those priorities, he said, with the central bank required to pursue price stability while maintaining full employment.
Chalmers also defended the government’s tax take as a share of GDP, arguing it remained below levels recorded under the Howard government.
“Well, it’s still lower than what we saw under Howard and Costello, is the first point.”
Asked whether he would accept higher unemployment in return for lower inflation, Chalmers said the government was “not for higher unemployment”.
“I think that’s pretty clear. And what we’ve seen in recent years is that it’s possible to have low and steady unemployment at the same time as we see inflation moderate to more normal levels.”
— Cameron Carr
