Chalmers Confirms Tax Reforms, Clean Energy Shift in Budget

0:00Federal Treasurer Jim Chalmers has confirmed tax reforms will feature in the upcoming budget set for delivery on May 12 at 7.30pm. Australian Eastern Standard Time While specifics remain under wraps, he stressed that decisions on changes to the capital gains tax discount haven't been made yet. Earlier this week on a business podcast, Chalmers explained that the budget process is running later than usual due to economic uncertainty from the Iran War. This conflict marks the fifth major shock to hit the global economy in less than two decades, complicating forecasts and policy choices. The war threatened supply chains for energy, fuel, and fertilizers with potential ripple effects across economies like Australia's. Chalmers acknowledged heightened inflation risks but highlighted the nation's strong starting point, including the lowest average unemployment in. 50 years and faster growth than other major advanced economies. Officials are coordinating with international partners to secure supplies amid the energy crisis.

1:03Chalmers framed the shift to clean energy as a critical national security matter, and a productivity boost on par with major reforms from the 1980s. This positions the clean energy transition as the government's key economic frontier, aiming to benefit workers through cheaper power and technological advances. That's the story for today. Sydney News Today, driven by AI, I'm Cory with the story.