Federal budget 2022 LIVE updates: Treasurer set to hand down budget; Labor’s housing scheme set to provide one million homes

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Jim Chalmers prepares to hand down his first budget

Hello and welcome to our live coverage of Treasurer Jim Chalmers’ first budget since Labor’s return to power in May.

Finance Minister Katy Gallagher, Prime Minister Anthony Albanese and Treasurer Jim Chalmers in the senate courtyard at Parliament House, Canberra on the morning of the federal budget.Credit:James Brickwood

I’m Latika Bourke and I’ll be bringing you tonight’s live updates and all the coverage from our team who are ensconced in the customary budget lock-up.

As always, your comments and feedback on tonight’s economic statement are most welcome, so do join the conversation.

Chalmers promises ‘solid and sensible’ budget

So what will we see in tonight’s budget?

Speaking at the traditional budget-morning news conference, Treasurer Jim Chalmers said that he had prepared a “solid, sensible” budget that was “suited for the times”.

Treasurer Jim Chalmers on Tuesday morning.Credit:Alex Ellinghausen

He said ongoing Commonwealth support for those affected by natural disasters, which were occurring with “alarming regularity,” would be a priority.

He nominated inflation as enemy number one, saying it was primarily driven by economic pressures around the world.

“The budget has three objectives: responsible cost‑of‑living relief, strengthening the economy and beginning the hard yards of budget repair,” he said.

That budget repair, of course, means spending cuts.

“When government changed hands five months ago, it wasn’t just a change of government, but there was a change of mindset,” he said.

“I think Australians are up for a genuine conversation about how we address our challenges in the budget and in the economy,” he said.

Treasury website is counting down

The budget will be released at 7.30pm AEDT when Treasurer Jim Chalmers delivers his speech to the House of Representatives.

And just in case you’re getting anxious, Treasury’s official budget website, where all the budget documents will be published, is running a live countdown.

That’s … shall we say, eager?

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