Australia news live: Jim Chalmers promises more tax reform in budget as war threatens to send inflation past 5%

<p>Treasurer plans ‘ambitious’ changes to target intergenerational inequity. Follow today’s news live</p><ul><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p><strong>Jim Chalmers</strong> will today promise to deliver a trio of “ambitious reform packages” in the May budget that will rebuild fiscal buffers, make the tax system fairer, and lift the nation’s lagging productivity performance.</p><p>In a major speech in Melbourne today, the treasurer will commit to “make hard decisions” in the upcoming budget, amid an ongoing <a href="https://www.theguardian.com/world/us-israel-war-on-iran">US-Israel war on Iran</a> that “is adding to inflation risks, weighing on growth, and increasing already elevated uncertainty”.</p><p>We are working on more tax reform in the budget – how much we can do in May depends on fiscal considerations, international developments and cabinet deliberations.</p><p>We recognise an outdated tax system is weighing on the opportunities faced by younger Australians and future generations.</p> <a href="https://www.theguardian.com/australia-news/live/2026/mar/19/australia-news-live-jim-chalmers-tax-inflation-budget-cost-of-living-war-fuel-crisis-shortage-inflation-cyclone-narelle-queensland-ntwnfb">Continue reading...</a>

Read the full article at: The Guardian World →