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Budget 2024

Treasurer Jim Chalmers pledges budget will 'put downward pressure on inflation'

In an interview with Capital Brief, the treasurer says he's confident his spending decisions can both tackle inflation and offer cost-of-living relief.

Jennifer Duke and Anthony Galloway
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Jim Chalmers has big ambitions for the nation's economy but the cost-of-living crisis has meant much of his attention has had to be focused on the short-term. AAP Image/Lukas Coch.

Treasurer Jim Chalmers has given his strongest assurance yet that his budget will not worsen the Reserve Bank’s inflation challenge by being expansionary, saying the quantity of spending isn’t the whole story and will not add to cost-of-living pressures.

Speaking to Capital Brief days ahead of handing down the 2024 budget, Chalmers said the cost-of-living crisis remains “front and centre” in the government’s near-term agenda, despite its aspirations to reposition Australia to take advantage of a changing global economy and the energy transition.

“This budget will put downward pressure on inflation, not upward pressure on inflation," he said.

“I won't be slashing and burning in the budget while the economy is slowing and people are hurting, but I will be very focused on inflation. I'm confident that the budget will be part of the solution and not part of the problem.”