365NEWSX
365NEWSX
Subscribe

Welcome

Federal budget Australia updates LIVE: Jim Chalmers says multinational taxes are ‘most ripe for reform’

Federal budget Australia updates LIVE: Jim Chalmers says multinational taxes are ‘most ripe for reform’

Federal budget Australia updates LIVE: Jim Chalmers says multinational taxes are ‘most ripe for reform’
Sep 25, 2022 2 mins, 14 secs

Government debt becoming more expensive to service: Treasurer.

Budget to trim Australia’s $1trn national debt: Chalmers.

Australia is not immune to the risks of recession amid a deteriorating global environment, Treasurer Jim Chalmers said.

“Our expectation is that the Australian economy will continue to grow, but so will the challenges to the Australian economy.”.

Andrews said this meant Australian Federal Police needed greater powers to go after cybercriminals,.

Treasurer Jim Chalmers says the cost of servicing about $1 trillion debt will be “tens of billions of dollars” extra due to rising interest rates.

Chalmers said debt interest costs were one of the fastest growing expenses in the budget.

Chalmers said: “The trillion dollars of debt we inherited from our predecessors will only get more expensive to service as interest rates go up, and that hits the bottom line harder every year.

Australia needs to lower its debt as both existing debt and new debt taken on by the Albanese government are becoming more expensive to service, Treasurer Jim Chalmers says.

It was initially expected that the cost of servicing debt would be about $26 billion dollars at the end of the 2025-26 budget period, but that cost is now expected to be $33 billion, Treasurer Jim Chalmers tells ABC’s RN Breakfast.

He added the cost of servicing debt has risen by $24 billion over the past decade.

The treasurer sees multinational taxes as an area that is “most ripe for reform”, and the October budget will introduce measures to give multinational corporations paying a higher tax bill and lower Australia’s debt.

Putting a dent on Australia’s $1 trillion debt was especially important due to the worsening global environment, Chalmers said.

There’s no use pretending that we don’t have an inflation challenge or real wage challenge, and that rising interest rates won’t sting the Australian economy and the Australian people.”.

The Albanese government will trim spending in the upcoming federal budget as part of efforts to trim Australia’s $1 trillion national debt, Treasurer Jim Chalmers has said.

“Billions of dollars that we have to find in the budget to service that debt, and that means more than ever we need to make sure that the investments we make deliver genuine bang for buck.”.

The treasurer sees multinational taxes as an area that is “most ripe for reform”, and the October budget will introduce measures to give multinational corporations paying a higher tax bill and lower Australia’s debt.

Putting a dent on Australia’s $1 trillion debt was especially important due to the worsening global environment, Chalmers said.

Queensland will look to build Australia’s largest state-owned wind farm that will be operational by 2026, Premier Annastacia Palaszczuk said.

Summarized by 365NEWSX ROBOTS

RECENT NEWS

SUBSCRIBE

Get monthly updates and free resources.

CONNECT WITH US

© Copyright 2024 365NEWSX - All RIGHTS RESERVED