Need to return gains as income tax cuts

Shadow Minister for Industry and Sovereign Capability Andrew Hastie has blasted the US President's social media post criticising Australia and other allies, labelling it a "petulant post from a President under immense pressure."

It comes as Treasurer Jim Chalmers says he "wasn't aware" of any formal requests for naval assistance in the Strait of Hormuz, ahead of tomorrow's National Cabinet meeting on fuel security.

So, as the fallout from the RBA's rate hike continues, will the May budget be Treasurer Jim Chalmers "hardest" yet?

Patricia Karvelas and David Speers break it all down on Politics Now.

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