Treasurer Jim Chalmers has moved away from previous governments in his philosophy of “values-based capitalism” as the path forward for Australia’s economy.
Treasurer Jim Chalmers has laid bare his philosophy to build a new economic model for Australia under the Albanese government.
The treasurer argues that going back to the “old” capitalist economic model won’t deliver prosperity for Australians after a decade of sluggish real wage growth.Advertisement Facing a constrained budget, he urges business and investors – such as superannuation funds – to work with Labor to help fund the government’s policies on the clean energy transition, boosting affordable housing and the “social purpose” areas of aged care, education and disability.
Yet, there is enough of a hint about “budget pressures” to suggest tax breaks will come under scrutiny ahead of the May budget to help pay for Labor’s social spending priorities.
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