Poll puts Jim Chalmers last among Labor ministers as rate rise looms
A Newspoll survey ranked Treasurer Jim Chalmers as the lowest-performing senior Labor minister, with more voters dissatisfied than satisfied with his work. The findings come as Labor’s primary vote has slipped close to its lowest recorded level and markets expect the Reserve Bank of Australia to raise interest rates again.
Among 1,200 voters surveyed, 24 per cent were satisfied with Chalmers and 40 per cent dissatisfied; 20 per cent said they had not heard of him. Labor received 27 per cent of the primary vote, compared with 28 per cent for One Nation and 21 per cent for the Coalition. The article says a fifth rate rise this year would take the cash rate to 4.85 per cent, adding an estimated A$456 to the monthly interest bill on a A$600,000 mortgage compared with January.
In short
- Chalmers had 24 per cent satisfaction and 40 per cent dissatisfaction.
- Labor polled 27 per cent, one point above its record low.
- A fifth rate rise could take the cash rate to 4.85 per cent.
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The case for
The poll and expected rate rise give voters grounds to question whether Chalmers has managed the economy effectively, especially as household mortgage costs have climbed and Labor’s primary vote is weak. As Treasurer, he is accountable for the Government’s economic choices, and critics can reasonably argue that its policies should do more to ease cost-of-living pressures and restore confidence.
The case against
The figures do not establish that Chalmers’s decisions caused higher rates or the Government’s polling decline: the Reserve Bank sets rates independently, and many economic pressures are beyond a Treasurer’s control. Supporters can argue that a poll showing many voters have not heard of him is an imperfect measure of performance, and that economic management should be judged on broader outcomes and policy over time.
Explained simply
Jim Chalmers is Australia’s treasurer, responsible for the government’s finances, including taxes, spending and the budget. He is a senior member of the centre-left Labor government, whose standing is measured partly by its share of the primary vote, or first-choice support, before preferences are counted.
Interest rates are set by the independent Reserve Bank of Australia to help manage inflation and the economy. Higher rates can make mortgage repayments more expensive for households, while opinions of the treasurer may reflect wider concerns about living costs and the economy.
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Originally published by Daily Mail as “Treasurer Jim Chalmers is ranked the worst-performing cabinet minister in latest Newspoll – ahead of expected Melbourne Cup Day rate hike”.