Australia news live: Jim Chalmers promises more tax reform in budget as war threatens to send inflation past 5%
AI Summary
Australia's Treasurer Jim Chalmers is preparing to deliver the federal budget amid concerns that the war in the Middle East could push inflation above 5% and reduce the economy by billions. Chalmers plans to pledge "ambitious tax reform" focused on productive investment, better regulation, faster approvals, open trade, skills, and AI. The government is considering financial support for the trucking industry due to rising fuel costs, with discussions planned at a national cabinet meeting. Economists predict the Reserve Bank of Australia will likely raise interest rates in early May to combat inflation, adding pressure on the government to deliver an inflation-busting budget on May 12. Experts warn that Australia's productivity performance has undermined future prosperity.
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