Chalmers defends Labor’s balance sheet ahead of Mid-Year Economic and Fiscal Outlook

Treasurer Jim Chalmers has defended the Albanese government's balance sheet ahead of the Mid-Year Economic and Fiscal Outlook on Wednesday. The Treasurer claimed despite some “slippage” in the budget, Wednesday’s update would still show "much less debt" than what was inherited from the previous Coalition government. “Responsible economic management has been a defining feature of the Albanese Labor government, and it will be a defining feature of the mid-year budget update as well,” Mr Chalmers told Sky News Australia. “It means much less debt than we inherited from the Liberals and Nationals when we came to office, but there will be substantial pressures on the budget. “There will be some slippage in some years, not in every year, even as we work to tighten the budget in the year that we're in now. Some of those pressures are slowing growth, and mining exports and company taxes are right down. They'll be some of the pressures. There'll also be a number of variations in spending.”