Inflation hits highest rate in more than two decades; Coalition climate change division; Millions to get $250 cost of living cash today; COVID-19 claims 23 lives in NSW and Victoria; West pledges more arms for Ukraine

Shadow Treasurer Jim Chalmers – alongside Shadow Finance Minister Katy Gallagher and Shadow Assistant Minister For Treasury Andrew Leigh – today unveiled Labor’s economic plan it will take to the election.

He identified inflation, falling wages, and the trillion-dollar public debt as “the most pressing economic challenges” facing Australia.

A key plank of the plan is aimed at ensuring multinational companies pay their share of tax in Australia, which is estimated to raise $1.9 billion over four years.

Dr Chalmers said the multinational tax increase was the only rise Labor would implement if it won on May 21.

Labor has already committed to implementing stage three income tax cuts in 2024 as already legislated.

He said he expected “breathless and unhinged scare campaigns” from the Coalition on the campaign trail about Labor’s tax plan.

He also identified cutting Commonwealth spending on consultants, contractors and outsourced labour as a goal of an elected Labor government.

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