Treasurer Jim Chalmers announced that the upcoming budget, set to be unveiled next Tuesday, will prioritize responsible economic management and aim for significant savings. Chalmers emphasized that this budget will be the most responsible yet, focusing on paying down the over $1 trillion AUD debt left by the previous government. He stated that the government intends to save more than it spends for the second consecutive budget, banking on any upward revenue revisions to improve the budget's bottom line. Amid inflation concerns, the government is also committed to keeping real spending growth in check to fund essential services like Medicare and aged care.

In a separate development, the royal commission into antisemitism commenced public hearings today, with families of victims from the Bondi terror shooting being the first to testify. The commission aims to address historical and contemporary antisemitism in Australia, having received nearly 6,000 submissions, including accounts of lived experiences from various sectors.

Additionally, Japan's Prime Minister Sanae Takaichi is visiting Australia for her first official trip as leader, seeking to strengthen energy and defense ties between the two nations. Takaichi's visit marks the 50th anniversary of the Nara Treaty, which established cooperative relations between Australia and Japan.