Jim Chalmers’ keto budget plan for economic gainz
Can a tough Budget help the Australian economy get lean and ripped?
Treasurer Jim Chalmers wants to put the Australian economy on a keto diet. But voters, and the crossbench in Parliament, are unlikely to be satisfied without a sugar hit.
“Think of it as protein, not carbs,” Chalmers said, when describing his plans for the upcoming 2024 Budget in a speech to the Committee for Economic Development of Australia on Thursday.
By this, he means no major spending initiatives, and enabling sustainable growth through a “bigger emphasis on foundations and drivers” as he shifts the focus of the economy towards growth.
He isn’t ready to “ring the bell in the fight against inflation” though. There is global economic uncertainty. And he’s aware the Australian economy is slowing “substantially” due to higher interest rates to tackle that inflation.
