Politics · Australia · 5 hrs ago
Chalmers warns of a year of economic strain and rising One Nation support
Treasurer Jim Chalmers expects a difficult year for the Australian economy as inflation, higher petrol prices and four interest rate rises weigh on households and businesses.
He urged progressives not to sneer at supporters of Pauline Hanson’s One Nation, whose support has grown.
Labor plans to introduce a 30 per cent tax on trusts on Wednesday, but some Labor MPs fear the change could upset businesses and tradespeople.
The Greens have threatened to launch an inquiry into the proposal, adding scrutiny of the government’s tax plans.
A recent poll put Labor’s primary vote at 29 per cent, One Nation’s at 25 per cent and the Coalition’s at 23 per cent.
Chalmers said economic conditions may improve somewhat over the next 12 months, and the government expects its tax reforms to be settled and legislated by then.
Prime Minister Anthony Albanese says Labor remains on track to win the next election, but no election date was given.
Treasurer Jim Chalmers warned that Australia faces a year of economic strain and persistent global turmoil.
He urged progressives not to sneer at supporters of One Nation, whose support has surged.
Labor is due to introduce a 30 per cent tax on trusts, a key part of its May budget.
A Resolve Strategic Monitor put Labor’s primary vote at 29 per cent, One Nation’s at 25 per cent and the Coalition’s at 23 per cent.
Prime Minister Anthony Albanese told Labor MPs the party remained on track to win the next election.
- Who
- Treasurer Jim Chalmers warned about economic strain and rising One Nation support.
- What
- Chalmers forecast a difficult year and urged progressives not to sneer at One Nation supporters.
- When
- October 13, 2026.
- Where
- Not stated.
- Why
- The government faces persistent inflation, four interest rate hikes this year, soaring petrol prices driven by the war in Iran and falling consumer confidence.
This story does not have two clearly opposing sides.
NSW Right faction Labor MPs discussed potential backlash over the government’s economic policies.
Albanese rejected suggestions of a midterm slump and sought to reassure Labor MPs.
Chalmers warned of a year of economic strain and urged progressives not to sneer at One Nation supporters.
Labor is due to introduce its 30 per cent tax on trusts.
- Trusts tax
- 30 per cent
- Labor primary vote
- 29 per cent
- One Nation primary vote
- 25 per cent
- Coalition primary vote
- 23 per cent
- Interest rate hikes
- Four this year
What people are saying
Nobody expects polls to change much any time soon – it would be more surprising if they did. Same goes for consumer confidence,
If you look at a combination of forecasts from the Reserve Bank and the Treasury, which they’ll update before long in the usual way, there is some cause for some cautious confidence.
This Liberal Party has abandoned any pretense of being a centre-right party. They withdrew … from the mainstream,
The Greens have made a factional decision to go to the fringes at the same time that the Libs, the Nats and One Nation are fighting for the right-wing fringes.
Sources
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