Australia's Budget: Tackling Inflation & Generational Fairness

0:00It's April 30th, Adelaide News Today starts now, AI-powered and ready. Australia's federal budget drops in two weeks, and it's all about wrestling inflation back down after the Iran War jacked up fuel prices big time. Treasurer Jim Chalmers calls the latest numbers confronting, hitting Aussies hard, with higher costs that could even push the reserve bank to hike. Interest rates again next Monday and Tuesday. Top economist Luke Yemen says this one's shaping up as a real test for labor. The war's fallout isn't just petrol, it's rippling into construction and beyond, making everything pricier. Chalmers wants a responsible plan to cool that heat while tackling generational fairness, like giving younger folks a fair shot. Chalmers got pushback from shadow treasurer Tim Wilson, who says jacking up taxes on capital gains or negative gearing won't create opportunity at all. Just hurt. Meanwhile, Yemen, who used to work under Chalmers before jumping to Commonwealth Bank, lays

1:01out the real challenges ahead. Yemen pushes for shark cuts, starting with the NDIS reforms the government's already announced, claiming $35 billion saved over four years. He figures property investor tax breaks could add more, totaling around $30 billion over four years and $200 billion over ten, though states, might demand extra cash in savings could land closer to 20 or 25 billion. With productivity slumps and deficits looming, labor's got to balance big reforms, spending slashes, household help, and resilience boosts all in one. Go. We'll see if they pull it off without breaking a sweat.