Jim Chalmers
Rankin · Australian Labor Party · Australia
“It's why we have delivered and are delivering an ambitious budget defined by reform and resilience and responsible economic management. We've been delivering for the Australian people while the member for Hume has been destroying the Liberal Party. We've been delivering for Australians. He's been destroying the once great Liberal Party.”
“I acknowledge the member for Gellibrand and thank him especially for his work on Asian capability and the big report that he has just released as the chair of the education committee. Today is obviously a very important day.”
“We don't just acknowledge those challenges; we are addressing them. That's why we are delivering more tax cuts for Australian workers, more pay rises for people on awards and the minimum wage and a fairer tax system for first home buyers.”
“It's because every time the Australian people need them to vote to help them with these real pressures that they face, they vote to make things worse rather than better. They leave this parliament today more divisive and more divided than ever. We leave this parliament today delivering for the Australians who sent us here.”
“On Friday, we learned that the deficit for the year just finished will be smaller than anticipated at budget time, and we know from the AOFM this week that our debt will be $200 billion less than the trajectory we inherited from those opposite. If those opposite had their way, there'd be bigger deficits and more debt.”
“The member for Macquarie is a wonderful representative of workers and small businesses and families in her beautiful part of Australia. Today is a really important day, as the Prime Minister said a moment ago. We are delivering tax cuts.”
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“For our part, we're providing cost-of-living relief, and we're working as hard as we can in fuel markets to recognise and respond to the pressures that Australians are under.”
“The tax cuts which are coming—rounds 2 and 3—are an important part of that. Cheaper medicines, more bulk-billing, student debt relief and the like are all about recognising these pressures and to try to provide that cost-of-living relief in a different way than the way proposed by the member for Mayo. In fuel markets more broadly, we're working very closely, and as a team, to make sure that there is supply that people need, particularly in regional areas, and to also make sure the ACCC is empowered to go after any suppliers or retailers who do the wrong thing. I do acknowledge that there are a range of views about it. The member for Mayo's question, I think, accurately reflects some of the suggestions which are out there.”
“I thank the member for Mayo for her question, which I think does reflect a level of concern in the Australian community about cost-of-living pressures and particularly pressures which are being felt at the petrol bowser. Unlike the shadow treasurer, the member for Mayo has appropriately represented how the fuel excise works. It's applied per litre of fuel. It doesn't go up when the price of fuel goes up; it's levied per litre. The amount that the member for Mayo mentioned is the accurate one—even if the shadow treasurer didn't know that when he was asked. When it comes to the excise, when it comes to the proposal that the member for Mayo has, it's not something that we have been considering. We have been working very hard to provide cost-of-living relief in the most responsible way that we can.”
“So I assure the honourable member that, as we work through these issues with productivity, as we work through the report on research and development, that will continue to play an important role in the ambitious productivity agenda we already have rolling out and also in the additional steps we're considering between now and the May budget.”
“But I assure the member, as I have on other occasions as well, that we're enthusiastic supporters of and investors in medical research. When it comes to productivity—the beginning of her question—it's important to remember that we've had a productivity challenge in our economy for the last couple of decades now, not just the last couple of years. In fact, over the last year productivity was one per cent through the year, annual. That's above the 20-year average, but it's still not good enough. Market sector productivity was 1½ in the most recent data. That means it's grown for five quarters in a row. But, again, we need to do much better to deliver the higher living standards that our people need and deserve.”
“Thanks to the honourable member for Kooyong for her question. This government are very enthusiastic, very substantial investors in research, including medical research. I pay tribute to my colleague here and thank him for a number of conversations we've had in the lead-up to the budget in May about this really important question, because we do understand, we do appreciate, the link between good research and better outcomes when it comes to productivity and a stronger economy more broadly. And our colleague in the other place, Minister Ayres, has received and now released some good work that we had done when it comes to the future of research and development, and obviously the Medical Research Fund is part of our thinking in that regard. We're going to work through the recommendations of that report and make our views known in due course.”
“As the honourable member says, I answered part of this question a moment ago. In regard to the additional part of it, what we've been able to ensure is that there is more tax paid sooner than would otherwise have been the case. And obviously when you're dealing with a volatile commodity that we're talking about now, then sometimes the numbers come in lower and sometimes they come in higher than is forecast. Now, on the broader point that the honourable member is making, a bit like the point that her colleague near her was making a moment ago, I understand that there are a range of views about this. We believe that Australians deserve a fair return on the resources they own, and that's what motivated our efforts with our PRRT reforms to get more tax paid sooner than would otherwise have been the case.”
“We have taken some steps in the course of the life of this government to make sure that offshore gas companies, for example, pay more tax sooner. That was the motivation behind the changes to the PRRT that we landed in the course of the last parliament. What that meant was that the number of entities paying that PRRT went from 11 to 16 in the most recent data, and you can see that the combination of company tax and PRRT paid by the oil and gas sector has gone up compared to the pre-COVID average. Once again, though, I acknowledge that there are a range of views about it. For our part, when it comes to tax, the big focus is on those tax cuts that we're rolling out in July and in July next year as well, opposed by those opposite but voted for by the member for Wentworth.”
“Thanks to the member for Wentworth for her question. I want to acknowledge the substantial amount of work that the member for Wentworth does when it comes to thinking through options for tax reform. I also wanted to acknowledge that, on the specific question that the member for Wentworth has asked, there are a range of views about the best way forward. From the government's point of view, we haven't changed our policy on that. Our big focus, as you can tell from answers from the PM, the energy minister and others, is fuel security. That's our big focus and our big priority—releasing more fuel, securing more fuel in international markets, working with the ACCC and the like. Now, of course, I more than believe that it's necessary that Australians receive a fair return from the natural resources that they own.”
“This conflict that we're seeing in the Middle East is the major influence on our economy, and it will be a major influence on the budget as well. We will continue to work through these issues in a considered and methodical way but also in an urgent and decisive way. We know that Australians are feeling the pressure at the petrol pump and around the kitchen table. That's the government's focus as we work through the decisions and deliberations that lead up to the budget in May.”
“We are releasing hundreds of millions of litres of fuel, temporarily amending the fuel standards, working with international partners and also empowering the ACCC to go after any suppliers or retailers who are doing the wrong thing, with the tougher penalties that I'll introduce to this parliament later this week. We're also working with the industry to get supply where it is most needed. I also want to alert the House to a meeting I convened on Friday of the Council of Financial Regulators, which was to ensure that our markets are operating properly and that they are working through and thinking through all of the risks. We do have a strong, well-regulated and resilient market, but we are not complacent about that, and nor are the financial regulators.”
“The two key considerations here are how long the war drags on for and how long it takes for supply chains to normalise afterwards. I asked Treasury to model a number of scenarios. I released them publicly last week. They are conservative, but they still show a hit on growth and substantial pressure on prices. These pressures don't replace the challenges that we had before the war, but they do exacerbate them, and that's why we are taking a number of steps, as the energy minister and the Prime Minister have already mentioned in today's question time.”
“The member for Forde is already an outstanding local member in our part of South-East Queensland—and, while I'm talking about outstanding local members, I also acknowledge Joe Kelly up there in the gallery with Dave McDermott. It's nice to see you too, mate. The conflict in the Middle East is weighing heavily on global markets today and on the global economy more broadly as well. Our own Australian economy is very well placed, but we're not immune to these pressures. We've got faster economic growth than any major advanced economy. We've got low unemployment and lower public debt than the major advanced economies as well. But we do know and we do understand that Australians are feeling the pressure around the kitchen table and especially at the petrol bowser.”
“That's not often acknowledged when people call for more to be done. We acknowledge and respect those calls to do more, but we've already acted in a fairly substantial way.”
“I thank the honourable member for her question. I do know and acknowledge that there are a range of views about the sorts of issues that the honourable member has raised. For our part, in this government, we've already made some changes to the PRRT which will ensure that Australians collect more tax sooner from the export of offshore gas. We made those changes because we know that there's an expectation in the Australian community that companies who pay the PRRT need to pay their fair share of tax. The changes that we made mean extra billions of dollars sooner to help fund the government's priorities, including in areas like Medicare and housing and all of the important objectives that the honourable member for Kooyong and the government share. Those are the steps that we have taken. We've taken those steps.”
“These are the same people who stored our fuel in Texas and saw six refineries become two refineries, the same people who are scaring people and making the situation worse. They will play their politics. We will work through these issues in a considered and methodical but urgent and decisive way, not just acknowledging people's concerns but acting on them.”
“That legislation made our stockpiles more accessible in times of disruption. It required more transparency around fuel supplies and also mandatory reporting of diesel exhaust fluid and urea shortages. The reason I raise this legislation that we moved and passed in this place and the other place in November of last year is that those opposite voted against it. They voted against it, if you can believe it. With all the politics they are now playing, they came into this place and voted against our efforts to manage the stockpiles more effectively for situations like the one we find ourselves in today. Doesn't it say everything about those opposite that when they had the chance to do the right thing, to update our fuel security arrangements, they came in here and, in the usual way, voted no?”
“We increased surveillance of suspicious price spikes. And we are working with industry and the ACCC to coordinate supply, especially to regional areas where there are particular concerns. This is on top of the extra powers we already gave the ACCC, including to issue on-the-spot fines. I spoke to the chair of the ACCC very early this morning to make sure they have what they need, and they are on the case. I also want to remind the House that in November last year, this government passed important changes to the Fuel Security Act 2021 and the Petroleum and Other Fuels Reporting Act 2017. In the explanatory memoranda of the legislation that we updated in November, it said it was all about providing: … additional tools to manage critical fuel shortages and ensure Australia is not hampered by temporary shortages.”
“I thank the member for Gellibrand for his great question. He understands better than those opposite the local implications of instability in the world and big movements in global markets. We know that developments in the Middle East are putting additional pressure on people here at home, especially when it comes to volatility and energy prices. Just this week we've seen oil prices trading as low as almost $80 a barrel, as high as almost $120 a barrel, but it was $60 a barrel in January. We know that people are worried about these pressures, and we are acting where we can. Our message to the retailers is do not take advantage of motorists. We've taken important steps to crack down on any retailers who do try to take advantage of the situation. Just yesterday, we announced the doubling of fines.”
“We do acknowledge that even though there is certainly enough fuel overall, there's pressure in some areas, so we're working closely with industry, the regulators and others to make sure that where there's pressure on supply chains, we're working as hard as we can to address them. Just today, we're doubling the penalties for retailers doing the wrong thing and others doing the wrong thing. We've got the fuel price monitoring being ramped up for price spikes. We're working with industry to increase fuel supply to service stations, including—”
“Thanks to the honourable member for his question. For as long as I've known the member for Kennedy, or known of the member for Kennedy, he has had an interest in fuel security and particularly biofuels, so I want to acknowledge that at the outset. I also want to assure him that we're not waiting for the next budget to take action on fuel security. The government's taken a number of important steps, including when it comes to our Cleaner Fuels Program, to address some of the issues that he raises in his question. Just today, as we've said in earlier answers, we've taken some additional important steps to address fuel security, particularly in regional areas.”
“We have acknowledged that, even though there is enough fuel supply in this country, there are pressures in particular areas, and we've demonstrated a willingness to work with the industry, with the regulators and with others to ensure that we fix those issues in the supply chain. We've also made it clear that the conflict—”
“I don't need the member for New England's invitation to consult with the ACCC; we've been doing it through the course of today. The government has made it very clear through the good work of ministers right across our frontbench that we are prepared to engage with industry, with regulators and with everyone who has an interest in making sure that we can continue to supply petrol and diesel at fair prices right around the country. In the last hour or so, Minister Bowen, Assistant Minister Leigh and I have made some important announcements about additional steps that we will be taking in this regard. We are taking additional action to help consumers get a fair go at the pump, with more scrutiny and surveillance of the fuel sector, bigger penalties for misconduct and action to shore up fuel supply.”
“It means 1.3 million Australians will have more super because of our boost to the low-income super tax offset. It means more super for 100,000 sales assistants, more super for 50,000 aged-care workers, more super for 7½ thousand workers in Hume, more super for 7,000 workers in Goldstein, more super for 7½ thousand workers in Gippsland and more super for 8½ thousand workers in New England. These workers are getting more super despite their local member and not because of him. That's because the Liberals, Nationals and One Nation all voted for less super for workers, bigger tax breaks for the wealthiest Australians and bigger deficits. All three right-wing parties in this place do what the billionaires tell them to do, not what working people need them to do—and we saw that in the Senate again last night.”
“I thank the member for Reid for her question but also for the really important role that she has played in ensuring that thousands of workers in her community will get more superannuation because of this government. That's because our plan to make superannuation fairer from top to bottom is now law. It passed the Senate last night. Super is a force for good in our economy. It's an important source of security for the working people of this country, and last night this government made it stronger and fairer. Already we've delivered the 12 per cent super guarantee, and we're now paying it on paid parental leave. And now we're delivering more super for people with the lowest balances and more sustainable tax breaks for people with the biggest balances. This is an important economic reform with an intergenerational dividend.”
“I wondered if he was still here; I'm pleased to learn that he is. He's got a lot of nerve asking about interest rates when, only a couple of days into his pretty disastrous stint as shadow Treasurer, he called for the end of the Reserve Bank's dual mandate. When he called for the end of the Reserve Bank's dual mandate, what he was calling for was higher interest rates and higher unemployment. He made that call within only a matter of days of being appointed the shadow Treasurer. Even by the standards of this shadow Treasurer, that is a pretty appalling stuff-up. If he wants to ask me about interest rates then he should fess up and tell the Australian people he wants higher interest rates and higher unemployment at the same time. That would be the effect—”
“The new shadow Treasurer says that he wants to dismantle compulsory superannuation. We are delivering more super in a stronger, more sustainable system, and the passage of this legislation in the Senate will make that very clear.”
“If they vote no to these changes again, they'll be voting for less super for people on low incomes and bigger tax breaks for people with tens of millions of dollars in super. They'll also be voting for bigger deficits, or they'll be a couple of billion dollars short a year, and they'll try and find that with cuts to Medicare like they always do. They haven't changed a bit, and they haven't learned a thing, and they will fail the same test that they failed under the last two opposition leaders. Whether it's wages, tax cuts or super, they are still the same old Liberals trying to hack away at the pay and retirement incomes of ordinary working people. On this side of the House, we created superannuation, and we have spent the last 3½ years strengthening superannuation.”
“The passage of this bill means a fairer super system from top to bottom. It means we are delivering more super for people with low balances and more sustainable tax breaks for people with the biggest balances. This is what intergenerational tax reform looks like—a fairer system which maintains concessional treatment across the board but makes those concessions more affordable and more sustainable. A really important part of this legislation is the boost to the low-income super tax offset. It means more super for 1.3 million Australians, mostly women and mostly young people. It means more super for 100,000 sales assistants and 50,000 aged-care workers. It could mean a potential benefit of around $15,000 at retirement by one calculation. So this is a test for the Liberals and the Nationals tonight in the Senate.”
“The member for Brisbane is an absolute champion for superannuation and also for her local community and is particularly focused on young people and some of the intergenerational issues in our economy. So I appreciate her question today. Whether it's our approach to wages or tax cuts or superannuation, this government is all about helping Australians earn more, keep more of what they earn and retire with more as well. Today is a really important day in that regard because we welcomed the news that our Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 is likely to pass the parliament tonight without amendment. We want to thank the Greens for taking a far more constructive approach to this legislation than the approach taken by those opposite.”
“But what the honourable member can always expect from this government is for us to be very attentive to the concerns that people raise with us so that we can do whatever we can to capture the opportunities and spread the benefits but also keep Australians safe.”
“We are engaging internationally to protect rights and build trust so that we can deal with some of the issues that the member has raised. Last week I made special mention of Minister Ayres and Assistant Minister Charlton, but I also want to shout out the Attorney-General, who also does a heap of work in this space, particularly when it comes to the copyright issues. This cabinet, this government and this side of the House are very focused on the risks of AI. When it comes to budget commitments, we haven't finalised the budget yet. You wouldn't have expected us to in the middle of March or early in March. We finalise the budget in the first half of May.”
“Thank you to the honourable member for her question, which builds a bit on the question that the member for Wentworth asked me last week as well. Obviously, AI is a transformational technology, but we have a responsibility, which we embrace, not just to maximise the economic upside of AI but also to minimise the risks. Some of those risks and concerns I think are accurately captured in the question that the member has asked. While I agree that there is a level of concern in the community about AI and about our ability to manage and minimise those risks, I don't accept that the government's AI plan has been silent or unnecessarily focused on the challenges that the honourable member raises. We have made a commitment to robust legal, regulatory and ethical frameworks.”
“We do have a lot going for us but a lot coming at us as well. We will continue to work through these developments to make sure that our people and our economy are as resilient as possible in the face of all of this global economic volatility and uncertainty.”
“Last week's national accounts showed we had stronger economic growth than any major advanced economy. We've got low unemployment. We've got higher participation. We've got stronger jobs growth and lower debt as a proportion of our economy than the major advanced economies as well. We have one of the most robust and best regulated financial systems in the world, and the Council of Financial Regulators has been meeting daily to stay across developments on markets. We have large stockpiles of fuel, and the ministers are engaging with primary industries to stay across the pressures in those industries as well. We've empowered the ACCC to police the service stations and issue on-the-spot fines if necessary, and we've increased the maximum penalties five times to $50 million. We're prepared to take other responsible steps if necessary.”
“It was about $60 at the start of the year and $73 at the start of this conflict, to give people a sense of the scale of the increase. This sort of volatility, especially in energy markets, puts upward pressure on global inflation at the same time as the conflict weighs on global growth. The longer this drags out, the more serious the economic consequences. We did have an inflation challenge before these developments of risk, making it worse. We will update our inflation forecasts in the budget in the usual way. But we also need to remember that we have very substantial advantages and very solid economic foundations in this country. We are not immune to what's happening around the world, and we are not complacent, but we are very well placed as a country and as an economy, and that's my main message today.”
“I really appreciate the member for McEwen's question but also his focus on the impacts in real communities like his of what we're seeing around the world right now. The escalation of the conflict in the Middle East has been dramatic and so has its impact on the global economy. We are seeing a great deal of volatility play out on markets for equities, commodities, currencies and bonds and also in risk indexes. Markets were especially pessimistic over the last couple of days, but they've rebounded substantially so far today in reaction to some comments from President Trump. The most significant impacts have been on energy prices, including oil. Oil was trading just under $90 before question time, but it got up to almost $120 a barrel yesterday.”
“We prefer to work from that position of strength than to talk the economy down, which is all we get from those opposite. Yesterday we learned why that has been the case. Every time the shadow Treasurer talks down the Australian economy, he's been talking up his own investments. That's what was revealed yesterday in the House. I've got some additional information on this.”
“A number of our challenges existed in the economy before the escalation of the conflict on the weekend, but, whether it's global uncertainty or our inflation challenge, we know that these international events put additional pressure on Australians. We're very focused on that as we continue to put the budget together for May. That budget in May will be all about inflation, productivity and global economic uncertainty. It will be all about rolling out the tax cuts that those opposite opposed and all about making the superannuation system stronger and fairer. Today we passed legislation to make super fairer from top to bottom. That's a very good thing. We know that there are challenges in our economy, but we face these challenges from a position of genuine economic strength.”
“Yesterday's national accounts were really encouraging for Australia because they showed that we have growth which is stronger and broader, and that growth is very welcome in our economy. It's the strongest growth for almost three years, and it's stronger growth than in any other major advanced economy. It's strong growth in business investment and dwelling investment and there's a welcome uptick in market sector productivity as well. One of the reasons why these numbers were so welcome is that this provides a very strong foundation to work from as we now navigate this heightened sense of global economic uncertainty.”
“That's why we found savings, delivered surpluses and got your debt down by $176 billion, because we manage the budget and we manage the economy in the most responsible way that we can. Yesterday's national accounts were overwhelmingly good news for our economy: stronger growth than any major advanced economy, the strongest growth in almost three years, and stronger per capita growth, the strongest per capita growth in more than three years. But those opposite always want to talk the economy down. One of the reasons they always want to talk the economy down, as was revealed yesterday, is that the shadow Treasurer has held shares—”
“Thanks to the honourable member for his question. First of all, for public demand in the December quarter, the key driver was defence spending. Those opposite have called for more of that, not less of that. That's the first point. The second point is, when you look at the story of 2025, the big story was the private sector driving growth and the public sector taking a step back. Private demand grew faster and contributed over three times more to economic growth than public demand in annual terms. Within a year, annual private demand growth more than tripled, but annual public demand growth more than halved compared with 2024. Those are the facts of the matter. When it comes to the link between spending and inflation, I have said on a number of occasions that we take our responsibility seriously in the budget.”
“It began with workers and unions organising to support a better standard of living in retirement. It became a universal system in 1992, under the Keating government, with work done under the Hawke government as well by Treasurer Keating. The passage of this bill through the parliament will be a really important next step in the evolution of our superannuation system—a step towards a stronger system, a step towards a fairer system and a step towards a more secure retirement for millions of working Australians today and into the future. That's why I commend this bill to the House.”
“They're determined to vote against more super for Australians on the lowest incomes, if you can believe it. They're determined to vote to keep bigger tax breaks for those who already have tens of millions of dollars in their super accounts. It's disappointing, but it's not especially surprising. We know that they have always opposed compulsory superannuation and they have always sought to undermine it. Their new shadow treasurer is on the record calling for compulsory superannuation to be dismantled. But it's not too late for the coalition to do the right thing for Australians and for the superannuation system that helps fund their retirements. We call on the whole parliament to pass these reforms to back that stronger and fairer super system. Our superannuation system is the envy of the world.”
“I want to acknowledge the work of Minister Mulino and, before him, Minister Jones. There are always those who look to stand against important reforms like these, and there are some who have tried to argue against this policy over the years. They've looked for any reason to protect the tax breaks for those with tens of millions of dollars in super. The government have listened to stakeholders and made practical changes to the model in response to feedback over a long period of time, and we've strengthened and broadened these reforms to support low-income workers as well. But we've always maintained the objective of this policy: making the super system stronger and fairer. Unfortunately, the coalition seems determined to vote against a stronger and fairer super system.”
“They will make the system more sustainable by better targeting those concessions for the biggest balances to help fund more super for people with the smallest balances. The Australian Labor Party built our superannuation system, and we're really proud of that fact. As a government, we take seriously our responsibility as custodians of this system. We're focused on making the system stronger, fairer and more sustainable. That's why we legislated the objective of super. It's why we've raised the super guarantee to 12 per cent. It's why we've legislated payday super and why we're paying super on government paid parental leave. And it's why we've strengthened financial reporting requirements, expanded the performance test, announced mandatory service standards and set out best practice principles for retirement products.”
“This will mean the concessional tax rate applying to future earnings on balances between $3 million and $10 million will be a combined headline rate of 30 per cent, and the concessional tax rate applying to future earnings on balances above $10 million will be 40 per cent. It means that there is still concessional tax treatment in superannuation but in a more sustainable way for people with the biggest balances. Both the $3 million and the $10 million thresholds will be indexed. Reducing the tax concessions for those with large balances will make the system more sustainable, raising a bit over $2 billion in the first full year. This measure will affect less than half a per cent of all Australians. Together, these two changes will maintain concessional tax treatment, as I said, for super across the board.”
“They are all about helping workers earn more, keep more of what they earn and retire with more as well, while also strengthening Australia's world-class superannuation system. They do this by boosting tax concessions for low-income workers. From July next year, the maximum LISTO payment will increase by $310 to $810 and the eligibility threshold will increase from 37,000 to $45,000. This will ensure low-income workers receive a fairer tax concession on their super contributions to align with the government's third round of tax cuts, taking effect in 2027. More than a million low-income workers will benefit from these reforms, including around 750,000 women and around 550,000 young people under the age of 30. At the same time, these bills reduce the tax concessions available to individuals with total super balances above $3 million.”
“Firstly, I want to thank the members who've contributed to this debate about the future of our superannuation system. In particular, I want to thank the Assistant Treasurer, who's here with us today, and other members of the government's economic team. I want to thank colleagues from across the parliament, but particularly colleagues in the Albanese government, for making the case here. I also want to thank people from right across the superannuation industry and the wider community who have supported, contributed to and fed back on these important reforms over a number of years now. These bills—the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 and the Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026—reform our superannuation system to make it fairer from top to bottom.”
“The first is to capture the opportunities of AI, including attracting more investment. The second is to spread the benefits of AI, whether it's in public services, building skills or public organisations. And the third is to keep Australians safe. The important work that we need to do together to make sure that the—”