‘Who do you trust?’: Treasurer Jim Chalmers and shadow treasurer Angus Taylor lay out economic visions in Sky News Debate
Treasurer Jim Chalmers and shadow treasurer Angus Taylor have locked horns in their first debate of the election, as cost of living, federal debt and energy prices took centre stage.
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5 | The Treasurers' Debate: Jim Chalmers vs Angus Taylor |
Treasurer Jim Chalmers and Shadow Treasurer Angus Taylor face off in a debate on Sky News Australia, with Business Editor Ross Greenwood moderating…
Jim Chalmers and Angus Taylor have battled over Australia's cost of living crisis, the state of energy prices and the forthcoming decade of deficits in the Sky News Treasurers' debate, as both senior leaders attempted to move the needle in a hotly contest election battle.
While Mr Chalmers and Mr Taylor agreed to “be respectful” throughout the exchange, there was no shortage of personal digs and not-so-subtle insults.
The cost of living dominated the debate, hosted by Sky News Business Editor Ross Greenwood, but the pair also clashed over energy, migration, essential services and global trade.
Mr Chalmers pitched his economic vision of a "resilient" economy buoyed by cost of living support and "responsible economic management" while Mr Taylor warned that, under Labor, the nation teeters on the brink of turmoil.
Following the debate, economists and political experts weighed in, with the majority labelling Mr Taylor as the victor.
With the election fast approaching, the debate offered voters a chance to compare the economic credentials of both Labor and the Coalition.
Independent economist Warren Hogan told Sky News he believed Mr Chalmers had everything to lose and that Mr Taylor had everything to gain.
He gave the victory to the shadow treasurer.
Former Victorian Liberal Party president Michael Kroger also declared Mr Taylor the debate winner.
Former Labor Senator Stephen Conroy told Sky News that Mr Chalmers won the night but said it was the best performance by Mr Taylor since the election began.
Heading into the May 3 poll, voters will have another chance to weigh their options during the National Press Club debate at 11.30am AEST on Thursday, as Energy Minister Chris Bowen and shadow energy minister Ted O'Brien go head-to-head over energy policy.
Trump’s tariffs
The Sky News Treasurer’s Debate took place during a hefty market downturn and heightened fears of a recession from Donald Trump’s tariffs announcements.
Australia was hit with 10 per cent tariffs – the base levy – and Mr Chalmers said Labor’s response was making the nation’s economy more “resilient to the world”.
“Our response is all about making our economy more resilient, our markets more diverse, and engaging with the world, including engaging with the Americans,” Mr Chalmers said.
“I think we’ve got the first contrast of the debate tonight, because we’ve got a Prime Minister standing up for and speaking up for Australia, and we’ve got an Opposition Leader and an opposition which is absolutely full of these kind of DOGE-y sycophants.”
Mr Taylor hit back at the claim, drawing on the Coalition securing an exemption from Trump’s tariff during his first administration.
“We’ve heard the first piece of nonsense from Jim tonight which is that we’re not prepared to take on an American administration,” Mr Taylor said.
“We did the last time we were in government and we will again.”
Cost of living concerns
At one point in the debate, voters expressed concern about the high cost of living under the Albanese government, including the prospect of needing to raise chickens to avoid grocery costs.
“We know that people are still doing it tough, and that’s why the centrepiece of the budget a few Tuesday nights ago,” Mr Chalmers said in response.
“It was cost of living, relief, energy bill rebate, strengthening Medicare, cheaper medicine, student debt relief and the tax cut.”
Labor promised $5 per week tax cuts beginning in 2026 and an energy rebate of $150 to the end of 2025.
Chalmers repeatedly asked to apologise
Labor’s promise to reduce power bills by $275 and its management of cost of living were also points of contention during Wednesday night’s debate with both Greenwood and Mr Taylor asking whether Mr Chalmers would apologise.
The Treasurer would not apologise when Sky News’ Business Editor asked earlier on in the debate about Labor power bill promise.
“I take responsibility for all of the decisions that we’ve taken in our budget,” Mr Chalmers said.
He also denied that his government failed to deliver cheaper energy and said that the $275 modelling was predated by “important developments” such as the Ukraine War and a global spike in energy inflation.
Later on, both were called on to ask one another a question and Mr Taylor requested Chalmers apologise.
“You’ve seen the biggest collapse in our living standards … bigger than any of our countries in the world. Will you apologise to Australians?” Mr Taylor said.
Mr Chalmers shot back: “Angus wrote down that question and then you (Greenwood) asked it and you (Mr Taylor) didn’t have the ability to think up a second question.”
Fiscal management and the national debt
The debate featured a vigorous exchange over fiscal responsibility and the growing national debt, which is projected to reach $1.2 trillion in the coming years.
Mr Taylor blamed the government for the impending decade of deficits and running up unnecessary spending while failing to improve the standard of living.
“Prices are up, debt is up, deficits are up, spending is up, taxes are up,” Mr Taylor said, pointing to the Albanese government’s economic management.
However, Mr Chalmers argued that he had inherited the debt from the former Morrison government, and has since improved the government’s budget position.
“The budget is in a much stronger position now than it was three years ago, and that’s because I’ve delivered two budget surpluses,” Mr Chalmers countered.
Economic Outlook
As the debate concluded, both leaders painted contrasting visions for Australia’s economic future.
Mr Chalmers argued that despite the global uncertainties, the government was well-prepared due to its economic “responsibility” and cost of living relief.
“We’ve got a lot going for us as Australians, but there’s a lot at stake,” Mr Chalmers said in his final remarks.
“This is a really important moment in the global economy, and we get to decide whether we go to the world more resilient under Labor or more vulnerable under the Coalition.”
In response, Mr Taylor warned the national economy has teetered on the brink of turmoil and that Labor's stewardship has led to a weak outlook.
“We’ve seen in the last three years that Australians have got poorer,” Mr Taylor said.
“It’s clear that Australians can’t afford another three years like the last three.
“We’ve been laying out our positive plan to get this country back on track, to beat inflation, by cutting waste and slashing red tape.”
