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Story summary
Treasurer Jim Chalmers announced a $6 billion boost to Australia's federal budget on Monday, reducing the underlying deficit from an initial forecast of $28.3 billion to about $22.3 billion. This improvement comes as the Reserve Bank is expected to raise interest rates to a 15-year-high in response to inflation pressures. Chalmers and Finance Minister Katy Gallagher presented the final budget outcome for the 2025-26 financial year, arguing that this reflects responsible economic management by the Albanese Labor government. The revised figures did not specify whether the improvement stemmed from strong job markets or high commodity prices, which are largely out of the government's control.
Written for “Australian Budget Announcement” on 2026-10-05,
grounded in this article and the 3 other(s) covering the same event.
Treasurer to unveil $6 billion improvement to federal budget
asserted
Treasurer → unveil → budget
Treasurer Jim Chalmers will today unveil a $6 billion improvement to the federal government's forecast deficit.
asserted
Chalmers → unveil → deficit
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Gina Rinehart allegedly tried to help recruit Liberal MP Henry Pike to join One Nation
One Nation's billionaire backer Gina Rinehart allegedly attempted to help recruit a sitting federal Liberal MP after he was invited for lunch at one of her holiday homes.
Henry Pike represents the seat of Bowman for Queensland's Liberal National Party and has previously held fundraisers hosted by Rinehart.
uncertain
Pike → choose → Rinehart
In January, he arrived at the mining magnate's $34 million Sunshine Coast beach house to find One Nation leader Pauline Hanson, her then chief-of-staff James Ashby and federal MP Barnaby Joyce were staying there.
asserted
Hanson → arrive → staff
Coalition sources have told Four Corners that during the lunch, Rinehart asked Pike if he was thinking of joining One Nation or would ever consider it.
asserted
he → tell → it
Plibersek defends cost-of-living assistance ahead of interest rate decision
Social Services Minister Tanya Plibersek has defended Labor's cost-of-living assistance ahead of an expected interest rate hike tomorrow.
The Reserve Bank will announce its interest rate decision, with the continuing Middle East war expected to factor in the decision.
Speaking to Channel Seven with One Nation MP Barnaby Joyce, Plibersek has spruiked Labor's efforts to increase bulk billing and lower prescription costs.
asserted
Plibersek → defend → costs
"The fundamentals of the Australian economy are very strong and what we want to do is take those day-to-day pressures off Australians.
asserted
want → want → Australians
We're doing that," Plibersek says.
asserted
Plibersek → do → that
Asked how Joyce would make people's lives better, the One Nation MP said he would stop spending money on renewable energy.
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he → ask → energy
"Our inflation rate is the highest of the developed countries.
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rate → develop → countries
Let's just get that correct.
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that → let → ?
And that's making people poorer," Joyce says.
asserted
Joyce → make → ?
But pressed on what policies One Nation brings, Joyce has raised the idea of refurbishing every coal-fired power station.
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Joyce → press → station
"Well, you can't do much better than Snowy Hydro 2.0.
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you → do → Hydro
I'll say Malcolm Turnbull's baby is going to cost $2 billion, now it's $42 billion.
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it → say → billion
You could have refurbished every power station in Australia with that money that.
uncertain
You → refurbish → money
"
Key Event
Treasurer set to unveil $6 billion boost to federal budget
Treasurer Jim Chalmers and Finance Minister Katy Gallagher are today set to unveil a $6 billion improvement to the federal budget.
asserted
Chalmers → set → budget
The Final Budget Outcome for 2025-26 is expected to show a deficit $6 billion lower than the $28.3 billion deficit forecast in the budget in May.
uncertain
Outcome → expect → May
The announcement comes just a day before the Reserve Bank of Australia looks set to increase interest rates for the fourth time this year.
asserted
Bank → come → time
Labor has consistently pointed to gross debt as a percentage of GDP being lower than other major advanced economies such as the US, Canada and the UK.
asserted
Labor → point → US
It's great to have you join us here on the federal politics live blog.
asserted
you → have → blog
I'm Josh Boscaini joining you live from Parliament House in Canberra, here and ready to bring you all of today's federal politics news.
asserted
I → join → news
First up, Treasurer Jim Chalmers is expected to unveil a $6 billion boost to the federal government's forecast deficit today.
asserted
Chalmers → expect → deficit
We might also get some more reaction and fallout from that OpenAI agent hack of a Medicare statistics portal announced last week.
uncertain
We → get → portal
Let's strap in and get this show on the road!
asserted
's → let → road
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