7am It’s a tough time to be Jim Chalmers
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Apr 3, 2026 Shane Wright, senior economics correspondent for The Age and The Sydney Morning Herald, breaks down the budget dilemma. He talks about how global shocks and an oil price spike drag policy into crisis mode. He explores trade-offs like the fuel excise cut, where savings might come from, productivity reforms and the politics of a gas windfall tax.
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Budget Pulled From Future Into Present
- Jim Chalmers faces global uncertainty that drags a forward-looking budget back into immediate crisis management.
- Shane Wright compares the task to Ginger Rogers dancing backwards, highlighting oil shocks and inflation as constraints on reform.
Spending Not Main Cause But Still A Problem
- Chalmers insists public spending wasn't the main driver of recent inflation but admits it still contributes to pressure.
- Wright says spending hasn't caused all inflation but 'it ain't helping' amid rising petrol costs.
Trim Spending Growth And Improve Efficiency
- Trim broad spending growth and improve efficiency in big programs to free fiscal space without stoking inflation.
- Wright points to NDIS, defence and pushing back on states as practical places to slow spending growth.