Treasurer Jim Chalmers, wearing a suit and tie, is speaking.

Treasurer Jim Chalmers compared Opposition leader Peter Dutton's plans to the US Department of Government Efficiency (DOGE), which was introduced by Donald Trump and has been tasked with cutting government spending. Source: AAP / Jono Searle

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Politics

Chalmers accuses Dutton of reading 'from DOGE playbook'; RBA leaves rates on hold — as it happened

Here's what happened on day four of the federal election campaign.

Treasurer Jim Chalmers, wearing a suit and tie, is speaking.

Treasurer Jim Chalmers compared Opposition leader Peter Dutton's plans to the US Department of Government Efficiency (DOGE), which was introduced by Donald Trump and has been tasked with cutting government spending. Source: AAP / Jono Searle

Published 1 April 2025 6:35am
Updated 1 April 2025 5:58pm
Source: SBS News

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2 days ago1 Apr 5:50pm
That's a wrap
Thanks for following our live blog today. Here's what happened on the campaign trail:
  • The Coalition pledged to
    reduce the serviceability buffer
    . This would give homebuyers a boost in borrowing power, but some believe it could raise house prices too.
  • Treasurer Jim Chalmers said the Coalition has a "policy bin fire" as he accused it of using its new housing policy to distract from potential cuts that could be made to service
    nuclear reactors
    .
  • Former Liberal prime minister Malcolm Turnbull was asked if Anthony Albanese or Peter Dutton was better placed to handled Donald Trump. He said he "couldn't pick between them". Turnbull also said he would not be campaigning for the Liberal Party, and even
    did an impression of the US president
    .
  • It was confirmed that the first debate between Albanese and Dutton would be held on Sky News on 8 April.
  • Dutton said a Coalition government would prioritise Victoria's long-awaited Airport Rail Link, but would scrap the $2.2 billion in federal funding for the state's
    controversial Suburban Rail Loop
    .
  • And the Reserve Bank left interest rates on hold at 4.1 per cent. Treasurer Jim Chalmers said a rate cut is expected in May, but the central bank's governor Michele Bullock said she had not yet made up her mind.
— David Aidone
2 days ago1 Apr 4:50pm
Chalmers hits out at Coalition 'policy bin fire' and 'DOGE-y Dutton'
In his press conference earlier, Treasurer Jim Chalmers criticised Peter Dutton and the Coalition over policy details, public service cuts and nuclear reactor plans.

He compared Dutton's plans to the US Department of Government Efficiency (DOGE), which was introduced by Donald Trump and has been tasked with cutting government spending.

"Today, he threatened cuts to school funding which was right from the DOGE playbook. And we also know that he wants to Americanise Medicare as well, because when he was the health minister, he tried to gut and cut Medicare. He said that the best predictor of future performance is past performance," Chalmers said.

"When Peter Dutton was voted the worst ever health minister in our history, he tried to Americanise Medicare, and now we hear that he has in mind cuts to education as well. This is DOGE-y Dutton, taking his cues and policies straight from the US in a way that will make Australians worse off."
READ MORE

Why Donald Trump is 'someone we can't avoid' this election

Chalmers also accused Dutton and the Coalition of using its new housing policy to distract from potential cuts that could be made to service nuclear reactors, describing it as a "policy bin fire".

"This happened on insurance, it's happened on migration, it's happened on nuclear policy. They can't get their stories straight and that's because they make it up as they go along," he said.

"Because every day, their defining purpose when they wake up is to distract Australians from $600 billion in cuts to Medicare and in other important areas to pay for their nuclear reactors.

"If they want to be taken seriously, they have to release the details of their secret cuts to pay for those nuclear reactors and tell Australians what it means for Medicare, for pensions."

— Jessica Bahr
2 days ago1 Apr 3:53pm
RBA will 'wait and see' on May rate cut, Michele Bullock says
While Treasurer Jim Chalmers said a rate cut is expected in May, Reserve Bank governor Michele Bullock remains tight-lipped.

When questioned about the likelihood of a May rate cut, Bullock said she had not yet made up her mind.
READ MORE

How the RBA's rate cut is a 'double-edged sword' for Australians

"I'm going to wait and see what the numbers tell me, and it will depend very much on what else is going on as well, because there's labour market data also to come in," she said.

"I'm not suggesting that I've made up my mind on May and the board has made up their mind on May ... we are just going to wait and see, see what the data draws out and if we're still on track and it gives us a bit more certainty, then we can start to consider when it is appropriate to start lowering rates."

— Jessica Bahr
2 days ago1 Apr 3:41pm
RBA holding cuts an 'abject failure' by government, Angus Taylor says
Opposition treasury spokesperson Angus Taylor has said the Reserve Bank's decision to pause interest rates at 4.1 per cent demonstrates the Labor government is "out of its depth" when it comes to the economy.

"The Reserve Bank made the point that the balance between supply and demand in the economy is still not where it needs to be," he said.

"Productivity continues to be lacklustre, and the truth is getting interest rates down when there's no productivity in the economy is extremely difficult.

"So this has been a complete and abject failure by a government that is simply out of touch and out of its depth."

— Cameron Carr
2 days ago1 Apr 3:40pm
Australia 'well positioned' but inflation an 'ongoing challenge', RBA boss says
Reserve Bank governor Michele Bullock is speaking about the decision to keep rates on hold at 4.1 per cent.

Bullock said the RBA's strategy is to bring inflation down and avoid a big increase in unemployment.
People are seen walking past the Reserve Bank of Australia headquarters in Sydney
The Reserve Bank of Australia has kept interest rates on hold at 4.1 per cent. Source: AAP / Dan Himbrechts
"And with low unemployment and inflation tracking down, we are well positioned for any shocks that might come our way," she said.

"Inflation is an ongoing challenge and we're aiming to get it to the middle of the band of 2 per cent to 3 per cent and keep it there."

Bullock said the RBA board is focused on risks to activity and inflation in Australia.

"But there's also a lot of uncertainty around the global outlook at the moment," she said.

"One of things we're cautious about is that policy unpredictability overseas could lead to slower growth. The implications for inflation here, though, in Australia, are less clear."

— Jessica Bahr
2 days ago1 Apr 3:20pm
The Opposition says it has a plan to increase your borrowing power
The Opposition wants to relax lending rules, saying young people are being "locked" out of home ownership.

Opposition housing spokesperson Michael Sukkar said the Coalition would reform the Australian Prudential Regulation Authority if elected and reduce the amount you have to borrow for your home.
A close up photo of a man in a suit sitting on a green couch in parliament.
Liberal MP Michael Sukkar says reducing the serviceability buffer could result in thousands more first home buyers securing mortgages. Source: AAP / Lukas Coch
Currently APRA requires banks to consider the capacity of a borrower to pay back their loan if interest rates rise by 3 per cent.

Our reporter Cameron Carr has taken a closer look at the proposed changes and how they could affect the property market:
READ MORE

There's a push to boost your borrowing power — but it could come with a catch

2 days ago1 Apr 3:19pm
Rate cut expected in May, Chalmers says
In his press conference after the RBA announcement, Treasurer Jim Chalmers was asked whether the rate cut hold could be detrimental to Labor's re-election campaign.

Chalmers said he does not view the decision in "political terms".

"But I do remind people that there was almost no expectation whatsoever from the markets and from the economists today of a rate cut, but there is an overwhelming expectation of a rate cut in May and in subsequent months," he said.

"That's the expectation of the market."

— Jessica Bahr
2 days ago1 Apr 3:12pm
Treasurer responds to RBA decision
Treasurer Jim Chalmers has responded to the RBA's decision to keep rates on hold.

"Rates have already started coming down this year, and that's a good thing. When we came to office, inflation and interest rates were both rising, and now, inflation and interest rates are both falling," Chalmers said.

"And this reflects the progress that we've made together as Australians on inflation. The Reserve Bank's statement says that it has fallen and the continued decline in underlying inflation is welcome."
A man wearing a black suit is speaking as he stands in front of an Australian flag.
Treasurer Jim Chalmers said the inflation is a fraction of what the Albanese government inherited from Peter Dutton's Coalition. Source: AAP / Lukas Coch
Chalmers said inflation was "much higher and rising" at the last election.

"Now, it is much lower and falling. Inflation was higher than 6 per cent when we came to office, and it was rising fast. It peaked in 2022, the year that we were elected," he said.

"And now, it is a fraction of what we inherited from Peter Dutton's Coalition. It's gone from 6.1 per cent and rising before the election, and it's now 2.4 per cent and underlying inflation is coming down as well."

— Jessica Bahr
2 days ago1 Apr 3:05pm
'Why wait?': Economist asks why Reserve Bank hasn't cut rates
Greg Jericho, chief economist at The Australia Institute, said he would have preferred a second rate cut from 4.1 per cent to 3.85 per cent, saying mortgage holders are "suffering too much".

"When rates were going up, the bank had no problem slugging borrowers ten times in a row," he said.
A table displaying monthly savings for homeowners when RBA cuts rates.
A table displaying monthly savings for homeowners when RBA cuts rates. Source: SBS
"Now that rates are coming down — and the bank board is meeting less often — the RBA is more worried about appearing political than doing the right thing by Australians.

"All the indicators have continued to move in the right direction since the last rate cut. Underlying inflation has now been below 3 per cent for three straight months — so why wait?"

— Cameron Carr
2 days ago1 Apr 2:57pm
Global uncertainty, US tariffs 'front of mind' for RBA, expert says
Sally Tindall, data insights director at financial comparison site Canstar, predicted rates would stay at 4.1 per cent today, describing the reduction at the Reserve Banks's last meeting as a "one hit wonder".

"At the last press conference, [RBA] governor [Michele] Bullock came out and said we should not expect a flurry of cuts. She didn't even wait to get asked it as a question. That's just how front of mind it was for the governor and the board," she said.
A graph showing how Australia's interest rate cut has changed over the years.
The Reserve Bank board has announced interest rates will remain on hold at 4.1 per cent. Source: SBS
Tindall said while inflation has made good progress, it wasn't enough to push the RBA into consecutive rate cuts, especially given the global volatility, including the impact of Donald Trump's tariffs.

— Cameron Carr
2 days ago1 Apr 2:53pm
Jason Clare criticises Peter Dutton's 'extreme agenda'
Education Minister Jason Clare has condemned Peter Dutton's comments that Australian schools have been infiltrated by a "woke agenda", saying children should be protected from the Coalition's own agenda.

Clare said the school curriculum Dutton is complaining about is one approved by the Coalition.

"I'm focused on making sure that our kids can read and write, not this extreme agenda of Peter Dutton," Clare said.

"The curriculum that he's talking about is a curriculum that was signed off on by the former Liberal government three years ago today, 1st of April 2022.

"When Peter Dutton started saying today that he's going to cut funding to health and education, I thought it was an April fool's, but he said it last night as well. And that should put the fear of God into any Australian that cares about our kids."

— Sam Dover
2 days ago1 Apr 2:45pm
Underlying inflation 'moderating' but outlook remains 'uncertain'
The RBA has outlined its decision to leave the cash rate unchanged at 4.1 per cent.

In a statement, the RBA noted inflation had fallen "substantially" since 2022, with recent information suggesting underlying inflation continues to ease.

"Nevertheless, the board needs to be confident that this progress will continue so that inflation returns to the midpoint of the target band on a sustainable basis. It is, therefore, cautious about the outlook," the statement said.
READ MORE

What the latest inflation data could mean for your interest rate

The RBA also noted monetary policy is "well placed" to respond to international development if they were to impact Australian activity and inflation.

The statement also warned the outlook "remains uncertain".

According to the RBA board, there has been an easing in some measures of financial stress, but "a range of indicators" suggest labour market conditions remain tight. The board also stated sustainably returning inflation to target remains the priority.

"The board's assessment is that monetary policy remains restrictive," the statement said.

"The continued decline in underlying inflation is welcome, but there are nevertheless risks on both sides and the board is cautious about the outlook."

— Jessica Bahr
2 days ago1 Apr 2:44pm
When could interest rates change?
The Reserve Bank will next meet on Monday 19 and Tuesday 20 May.

It will announce on the afternoon of that Tuesday if rates will stay the same or remain on hold at 4.1 per cent.

Economists and the major banks have predicted the RBA will make
multiple reductions to the cash rate targe
t this year.

— Cameron Carr
2 days ago1 Apr 2:30pm
Breaking: RBA holds interest rates at 4.1 per cent
The Reserve Bank board has announced interest rates will remain on hold at 4.1 per cent.

The hold was widely expected by economists and major banks.

Last month, the board cut rates from 4.35 per cent to 4.1 per cent.

More to come.

— Jessica Bahr
2 days ago1 Apr 1:35pm
Will the Coalition maintain funding for public broadcasters?
Peter Dutton was asked in his press conference to match former Liberal prime minister Tony Abbott's 2013 election commitment to maintain funding for health, education, ABC, and SBS.

Abbott subsequently made budget cuts in a number of those areas.

Dutton said he would commit to funding health and education at similar levels but did not directly address the question of matching Labor's funding for public broadcasters.

— Anna Henderson
2 days ago1 Apr 1:29pm
Turnbull shares opinion on which Australian leader is better placed to handle Trump
Former prime minister Malcolm Turnbull is addressing the National Press Club and was asked which Australian leader would be best suited to handle relations with US President Donald Trump.

"I honestly couldn't pick between them," he said, referring to Peter Dutton and Anthony Albanese.
A composite image showing Anthony Albanese, Peter Dutton and Donald Trump.
Donald Trump's influence is being felt in Australia's federal election. Source: SBS
Turnbull said Dutton faces a "particular challenge" because while the Opposition leader appears to have better access to Trump through connections with people like mining magnate Gina Rinehart, he is also tied to a "media ecosystem" like Fox News, which allegedly supports Trump.

"The difficulty of taking on Trump is you're then taking on the most popular person in the ecosystem," he said.

In contrast, Albanese faces the opposite problem. Turnbull said while Albanese doesn't appear to have "great connections" with Trump, the media environment in which Albanese operated in is not filled with "fan boys for Donald Trump".

— Charis Chang
2 days ago1 Apr 1:26pm
Turnbull says he won't be campaigning for Liberal Party
Malcolm Turnbull was asked whether he intended to campaign for the Liberal Party ahead of the federal election.

"No, I'm not. I'm not campaigning for anyone," he said.
2 days ago1 Apr 12:58pm
Whose fault will it be? Dutton questioned on Trump comments
Peter Dutton was asked whose fault it would be if Australia did not get an exemption to US President Donald Trump's trade tariffs due to be revealed on "liberation day" on 2 April — which falls on Wednesday in Australia.

Dutton said he would stand up for Australia.

"It seems the prime minister is not able to stand up for our national security," he said.

"I have the strength of leadership and experience to be able to stand up to the president of the United States, or anyone else, if they are acting against our country's interests."

The US has already placed a
25 per cent tariff on Australian steel and aluminium
but Trump has flagged more could be introduced.
2 days ago1 Apr 12:50pm
First leaders debate to be held on Tuesday
Peter Dutton said he offered to do four debates with Anthony Albanese but the prime minister had only committed to one debate.

"Is he committing to a second? Or a third or fourth? I do not think so," Dutton told reporters.

The first debate between the two leaders will be held on Sky News next Tuesday, 8 April.
2 days ago1 Apr 12:32pm
Peter Dutton shares plans for Melbourne Airport Rail Link
Opposition infrastructure spokesperson Bridget McKenzie and Opposition leader Peter Dutton have held a press conference about their plans for Victorian infrastructure.
A graphic image of a train on railway tracks.
Opposition leader Peter Dutton said a Melbourne Airport Rail Link was the "missing piece" of infrastructure for Victoria. Source: Supplied
Dutton said a Melbourne Airport Rail Link was the "missing piece" of infrastructure for Victoria.

 "I hope that we can get people out of their cars and home quicker in the afternoons. I hope in the mornings, people can stay at home for an extra half an hour instead of having to get into their cars and go into congestion straightaway," he said.

"This will take traffic off the road. It will bring Melbourne up to the same status as many of the great airports across the world, including here in Australia, that already have a rail link project."

— Jessica Bahr
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