Treasurer Jim Chalmers says he wants to be “upfront” with the Australian people about the magnitude of the economic challenge facing the Albanese Government. That includes rising inflation/interest rates, the fall in real wages and record high government debt. “No new government can flick a switch and make $1 trillion of debt disappear,” he said, encouraging people to have a “big, national, honest conversation” about the problems the country faces. Cost of living pressures and interest rates were a big talking point of the election campaign and yesterday the Assistant Reserve Bank Governor Luci Ellis said government grants to help aspiring homeowners have pushed up prices. CoreLogic says many home-purchasing decisions were brought forward to take advantage of the incentives over 2020 and 2021.