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Jim Chalmers welcomes RBA’s first rate cut in four years, mum on effect on election date

While the Treasurer welcomed the RBA’s decision to cut rates, he sidestepped questions on how it could affect when Aussies will go to the polls.

Jim Chalmers says Treasury will continue preparing for a March 25 budget despite suggestions Anthony Albanese could call an election to capitalise on the Reserve Bank’s first rate cut in four years.

Although the Treasurer heralded the RBA’s decision to cut the official cash rate by 25 basis points to 4.1 per cent as the “rate relief Australians need and deserve,” he declined to say whether it would affect when Australians would go to the polls.

While a federal budget is slated for March 25, with deficits forecast over the forward estimates, the government can avoid handing down the budget if the Prime Minister calls the election before that date.

Anthony Albanese, in four separate interviews on Tuesday afternoon, stuck to his lines and refused to give any hint if the March 25 budget would be scrapped for an election.

“This won’t have an impact on the timing of the election. We’ve been really working hard … we’ve been working on the budget,” he told ABC Brisbane radio.

Mr Chalmers said work on the budget was ongoing, with the government’s Expenditure Review Committee meeting “for about four or five hours yesterday and another three or four hours this morning”.

“We’ve been in the cabinet suite next door for most of today and most of yesterday

preparing for and planning for a budget on 25 March. That’s what we’re working towards,” he said.

“We acknowledge the timing of the election is a matter for the Prime Minister, in consultation with his senior colleagues but we’re working towards that budget.”

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