Jim Chalmers banks on capital spending to help ease cost-of-living crisis

New treasurer says Labor is not contemplating' extending fuel excise cut or low and middle income tax offset

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The new treasurer, Jim Chalmers, is banking on a surge in capital spending to boost productivity in the economy and ease a cost-of-living crisis".

After the Australian Energy Regulator on Thursday lifted standard power prices by as much as 20% for some customers, Chalmers said the increase revealed a very serious situation" and was just one of several challenges left by the Morrison government.