‘Actively stoked inflation’: Coalition, One Nation demand Treasurer Jim Chalmers resign after 15-year interest rate high

The Coalition and One Nation have both called for Jim Chalmers to resign as Treasurer, escalating their attacks on his economic management amid high inflation and rates.

Shadow treasurer Tim Wilson accused Mr Chalmers of having “actively stoked inflation” and claimed households had been left poorer under his stewardship.

Mr Wilson told News24.com.au that the treasurer should be removed from the treasury portfolio.

“This is a man who’s actively stoked inflation because it gives him windfall tax revenue because he can’t manage his budget,” he said.

“He’s both frankly lied to the public where he says he’s saving money. He says saving $2, then goes on and spends $3.

“He’s actively stoked inflation, and he’s fundamentally undermined the success of this country.

“Now he’s announced today he’s on a sort of Argo-style salvation trip for investment because he’s created a problem of sovereign risk.”

Mr Wilson’s attack comes after One Nation leader Pauline Hanson also demanded Mr Chalmers quit, blaming Labor for failing to bring inflation under control.

The Reserve Bank on Tuesday unanimously lifted the cash rate by 25 basis points to 4.6 per cent, its highest level in 15 years and the fourth increase of 2026.

For a borrower with a $730,000 mortgage, the latest increase would add roughly $1,500 a year to repayments.

Ms Hanson, in a video address provided exclusively to News24.com.au following the rate decision, accused Mr Chalmers of failing Australians.

“Jim Chalmers said rates were coming down. But today, Australians have been hit with another interest rate rise. Another Labor lie,” Ms Hanson said.

“And yet again, Jim Chalmers blames everyone but himself. Labor has wrecked our economy and it needs to be fixed. Until then, people need help.”

Prime Minister Anthony Albanese’s intention is apparently not to replace Mr Chalmers ahead of a possible cabinet reshuffle in 2026.

Cabinet Secretary Andrew Charlton told News24.com.au that Mr Chalmers’ role was safe and that he was doing a good job.

“Jim Chalmers is doing an extraordinary job in very difficult global circumstances,” Mr Charlton said.

“He has shown a willingness to take on the big challenges facing Australia, including challenges in the housing market, difficult reforms.

“He’s delivered significant cost of living relief to Australians at a time when that’s been very important.”

Mr Charlton has been seen as a rising star in Labor Party ranks and holds a PhD in economics from the University of Oxford.

While he said Mr Chalmers has the support of the cabinet, he left the door open to perhaps taking on the treasury portfolio one day.

“Well, what I’m saying to you is that Jim Chalmers is doing a great job, and the whole cabinet supports Jim Chalmers,” he said.