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Australia news live: treasurer flags ‘substantial but temporary lift in taxes’ in budget preview; mass whale stranding on King Island | Australia news

Treasurer foreshadows ‘substantial but temporary’ tax increase in budget

Peter Hannam

Peter Hannam

Jim Chalmers has been providing an update of the fiscal conditions ahead of the 25 October budget.

“We’ve booked a substantial but temporary lift in taxes,” Chalmers said, leading to a $50bn improvement in the budget compared to the March budget.

Of that $28bn more has come from higher than expected commodity prices, and the rest from lower-than-expected payments.

But Chalmers said the rolling two-week average for key commodities has dropped a lot since June. Iron ore prices, for example, are off about 20% and coking coal prices are down 25%.

More to come.

Key events

“No-one is under any illusions about the uncertainty around the Russian response”: Chalmers on oil price cap

The press conference has now moved onto…

Read more at www.theguardian.com

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