Interviewer: So many different things to pour over in this budget. One of them was the GST deal. It's forecast to cost federal taxpayers just shy of $53 billion over the next decade. The original estimate, which didn't include one of the years, was $9 billion. Last year's budget estimated $34 billion, and now it's $53 billion. Many say the federal budget is really struggling to afford this right now. Independent member for Curtin, Kate Chaney, joins the panel.

Kate Chaney: WA is still subsidizing the rest of the country to the tune of 30 cents in a dollar. It has to come down to fairness and aligning incentives with the national interest. We need WA to be moving into critical minerals and making the most of its resources. The GST deal should incentivize WA to do that, not penalize them.

Interviewer: When the deal was struck, it was thought to cost $8.9 billion. Even Colin Barnett said the next move up to 75 cents in the dollar, which you don't need to go ahead with anymore. As a community MP, is the GST deal good for the country right now?

Kate Chaney: What's good for the country is for WA to be incentivized to lead the decarbonization we need, meaning being incentivized to develop our minerals. The way the GST was before this deal, that incentive was not there. Without this deal, states are incentivized to maximize their gambling revenue because that's not counted in the income calculations. We need a structure that drives what we want the states to do in the interest of the whole country.

Interviewer: Do you welcome the future Made in Australia policy then?

Kate Chaney: I've been calling for a response to the Inflation Reduction Act for a while, and the future Made in Australia policy does appear to be that. I absolutely welcome it. The world has changed, and countries are trying to step up in the new economy.

Interviewer: What do you think of Peter Dutton's "bons for billionaires" line in relation to that?

Kate Chaney: I don't understand why the opposition would oppose this when it's so clearly in the interest of our long-term prosperity. The important thing is whether they can deliver on it, and we need transparency about the analysis driving these investment decisions to ensure investments can stand on their own eventually.

Interviewer: The plan will need legislation. We've already seen some opposition from the Coalition and the Greens today. Do you support production tax credits?

Kate Chaney: I support production tax credits because it makes sense to only spend taxpayer money when something is produced. It makes sense to structure support based on outputs rather than ideas.

Interviewer: Do you see this as ambitious as say, Ros Garnaut and Rod Sims' superpower initiative?

Kate Chaney: WA is not shy of big infrastructure. We've built pipelines and unlocked resources before. We are now on the cusp of our next wave of prosperity from critical minerals and renewables. If we can process iron ore using renewable energy, we lead the globe in decarbonization.

Interviewer: Early election coming up, do you think?

Kate Chaney: I have no idea. I'm focused on representing my community until the election is called. There's a lot of speculation, but I'm more interested in doing my job.

Interviewer: You recently called for an ACCC investigation into Seven West Media and its market power. Was that courageous?

Kate Chaney: It probably was, but it's important to call out media concentration. We're a one-paper state, and we need many voices in the media landscape.

Interviewer: How are you feeling about Curtin? It was a narrow win last time, and the Liberals are keen to win it back. What's the reception like?

Kate Chaney: I'm creating opportunities for people in Curtin to be part of our democracy. I get a positive reaction from my community, but if they decide they want different representation, there are other things I can do. This gives me the freedom to focus on my job.

Interviewer: Your overall take on the budget? The big debate is whether it's inflationary or cutting inflation.

Kate Chaney: It's tricky. Economists disagree, but something like energy relief, while not inflationary, puts more money into the economy. We're on a knife-edge with the impact.

Interviewer: Does Labor own the inflation story now?

Kate Chaney: Inflation is affected by many factors, including fiscal policy and global events. Labor will bear responsibility for its budget decisions, but I'm glad we have an independent RBA.

Kate Chaney: Appreciate your time today. Thanks very much.