12-05-2025
Australia news live: Chalmers warns of ‘global dislocation' as Treasury reveals biggest threats to economy
Brace for global dislocation, Chalmers warns
Show key events only Please turn on JavaScript to use this feature Patrick Commins
The start of the 148th federal parliament coincides with the world 'entering a period of global dislocation not seen' since the second world war, Jim Chalmers has warned.
The offshore threats to Australia's economy over the coming three years loomed large in treasury's post-election briefing to Chalmers, which he said warned of the 'damaging' effects of Donald Trump's trade war.
Chalmers met with the treasury secretary, Steven Kennedy, early on the Sunday morning directly after the Saturday 2 May election which handed an unexpectedly big win to the incumbent Albanese government.
'We know the job isn't finished and we know we will be faced with more global economic volatility and unpredictability over the next three years, not less,' Chalmers said in a statement last night. 'It's one of the reasons why Australians voted so emphatically for stability in uncertain times.' Share
A truck driver was ambushed and shot in Sydney's south west overnight.
About 11.20pm yesterday, emergency services were called to Yennora, following reports of a shooting, police said in a statement.
Officers were told a 29-year-old man had been driving a truck on Donald Street, when a vehicle stopped in front of him.
A man allegedly exited the vehicle and fired several shots at the truck, before getting back into the vehicle and leaving the scene.
The truck driver was treated by NSW Ambulance paramedics for gunshot wounds to his wrist and abdomen and taken to Liverpool Hospital in a stable condition.
Police were investigating a link to two subsequent car fires: a black Lexus sedan alight in South Granville, and a second vehicle alight in Chester Hill. Share
Good morning and welcome to our live news blog. I'm Martin Farrer with some of the top overnight stories and then Cait Kelly will take the controls.
All eyes will be on the Liberal party room in Canberra today as Sussan Ley and Angus Taylor vie for the leadership. We'll bring you the latest from Canberra as it happens. Whoever wins, it's going to be a tough task to mount an opposition to Anthony Albanese with a diminished crop of MPs and an electoral mountain to climb in three years.
Our latest polling shows a surge in support for Albanese's leadership – combined with calls for him to get on with reforms on housing, health and energy. Housing is not getting any easier, though, with new figures showing Labor's election win has already given a boost to the property market. More coming up.
The treasurer, Jim Chalmers, has warned Australians to brace for economic turbulence as Donald Trump's trade tariffs threaten to endanger the nation's 'soft landing' from high inflation. Although the US president offered hope to markets overnight with the prospect of a 'total reset' on trade with China, Chalmers said Australia was entering 'a period of global dislocation' not seen since the second world war. More on that, too, soon Share
