Chalmers lists the five threats to the federal budget

Treasurer Jim Chalmers has warned global tensions are among five key threats to next month’s federal budget, which he has promised will focus on cost-of-living relief, repairing the nation’s finances while reforming the economy in areas stretching from energy to supply chains.

Prime Minister Anthony Albanese and Chalmers are also tipped to use the budget to outline key elements of the government’s new “Made in Australia” strategy, which is likely to include tax concessions and direct assistance to businesses in areas such as critical minerals and renewable energy. It will also focus on reform, particularly in helping businesses invest in critical areas, given the growing risks to the economy.

Australian economic growth, which slumped to just 1.5 per cent last year and would have been in recessionary territory if not for strong immigration, is only expected to improve to 2 per cent this year. Evidence of the potential impact of global tensions on the budget occurred within minutes of Israel’s attacks on Iran, with the benchmark price for oil climbing by $US3 to $US85 a barrel.

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