Two high-profile Liberals defect to One Nation – as it happened

This blog is now closed.Get our breaking news email, free app or daily news podcastJim Chalmers says the opposition’s policy to index tax brackets would cost the budget a quarter of a trillion dollars over 10 years, while claiming that the government is returning bracket creep to taxpayers.It’s a slightly tricky position, as Angus Taylor argues that Labor is “betraying” itself because the high figure is actually how much the government is keeping and spending through bracket creep ever year.This is a government that returns bracket creep when it is responsible to do that.That [policy] would cost tens of billions of dollars in extra debt interest, because he’s got these uncosted, unfunded, tax announcements that he [Taylor] made in his budget reply, which was all about trying to stave off O