Breaking news: rising interest rates; More than 50 mafia-linked criminal clans have been discovered; Cold front sweeping parts of the nation

Treasurer Jim Chalmers has blamed the Coalition for high debt levels, exacerbated by rising cash rates.

“In addition to the pressure it will put on family budgets, it will also make it more expensive for the Commonwealth government to service this $ 1 trillion debt on the budget,” he said.

“High and rising inflation, rising interest rates, falling real wages at a time when our ability to meet these challenges is limited by the fact that the budget is fully burdened with liberal debt.”

He has promised to “get ahead” of the challenge of inflation.

“This cost-of-living crisis has been going on for most of a decade,” Chalmers said.

“It will take more than two and a half weeks to turn around.”

He noted that it was already costing the Australian government $ 20 billion a year simply to pay off public debt.

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