"Dumb and Dumber": Karl levels brutal accusation

Treasurer Jim Chalmers has dismissed accusations that Australia’s major political parties are recklessly splurging on big-ticket promises to win votes, defending Labor’s fiscal strategy during a heated exchange with Today host Karl Stefanovic.

Stefanovic didn’t hold back on Monday morning, opening the interview with a blunt comparison, saying watching the major parties was like "watching Dumb and Dumber, you guys recklessly buying our votes".

Chalmers swiftly pushed back, insisting there is "a really important difference" between responsible budgeting and empty spending.

“What we've shown as a Labor government is we’ve been able to maintain a focus on the cost of living,” Chalmers said.

“At the same time, we’ve got the budget in much better nick, and that’s meant that we could make room for the sorts of commitments that we have been making in a really responsible way."

Chalmers pointed to the government’s fiscal achievements, highlighting a significantly stronger budget position. “The budget’s more than $200 billion stronger than when we came to office. We’ve got the Liberal debt down,” he said. “We’ve delivered those two surpluses, and that’s meant we’ve been able to help with the cost of living. Ongoing tax relief, helping with medicines and energy, bill rebates and the like.”

"Cut this rubbish out": Channel 7's fresh "news" segment slammed

The debate comes as both Labor and the Coalition unveil costly housing policies, which economists warn could further inflate housing prices by injecting more money into an already overheated market.

Chalmers criticised the Coalition’s approach, claiming it lacks lasting impact. “What Peter Dutton did yesterday was to borrow and burn another $10 billion and still provide no ongoing cost of living help for people who are doing it tough," he argued.

“And then he’ll claw that back with permanently higher income taxes, lower wages and secret cuts to pay for his nuclear reactors.”

As the election campaign heats up, both sides are under increasing scrutiny over their spending pledges and their real impact on Australians facing mounting cost-of-living pressures.

"Apparently, my time is up": Veteran Channel 7 anchor's abrupt departure

Images: Today show