Q: How concerned are you about the situation, the impact on Australians?

Chalmers:

Very concerned and to go back to the original question, that’s why it’s important that we have the budget in a much better condition, why it’s so important that we are rebuilding incomes and household wages and building an more resilient and competitive economy.

This budget still has economic reform, [getting rid of] non-compete clauses, and it stills that savings and that’s because we recognise the best insurance policy against this global economic uncertainty is more resilient economy, stronger income and wages for Australians and a budget in much better nick. We’ve made progress on all three fronts tonight, but there is more to do.

Q: Where is the room, if you were compelled, let’s say, to raise Defence spending by 2.5% of GDP?

Chalmers:

I know you are asking a different thing, but first of all, we are dramatically increasing spending on Defence, quite an historical increase. I mentioned the $200 billion improvement and making room for our priorities in a tight budget, the fact that we’ve made room to help with the cost of living and strengthen Medicare and fund this increase in defence spending all at the same time as we’ve got this year’s deficit down, I think that augurs well for our ability to continue to make right economic decisions for the right decisions, managing the global uncertainty, recognising people are under pressure, but more than that, helping people who are doing it tough.

Q: When you first delivered your budget, you said they were hard decisions for hard time, possibly harder times now – are you going to be able to lay out to the Australian people in this election a plan that encompasses the future, not the situation, not the cost-of-living crisis you are doing now, but a genuine crisis in the Australian Budget going forward? We’ve talked about tax, but a growing deficit up to $42 billion next year?

Chalmers:

It hits $42bn and then starts to trail away again. Getting it back to balance is the need in the medium term, but I accept the general proposition of your question. We have become to address NDIS, aged care, interest costs all of those are ways to improve the structural position of the Budget. What I’ve laid out tonight in the Government’s economic plan and in our fourth budget was a plan to help the people here and now in the cost-of-living but investing in the future, green metals, innovation, making sure we are an indispensable part of the global net zero transformation. These are aspirations for us. We have taken an intergenerational plan and I’ve laid that out tonight