Jim Chalmers says Coalition’s nuclear plan represents $4tn hit to economy by 2050

Federal treasurer also reveals mid-year budget update out this week will show bigger deficits than May papers

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The federal treasurer says the Coalition’s nuclear policy costings suggest a $4tn hit to the national economy over the next 25 years, based on its assumption that the economy will be smaller with less need for energy.

Jim Chalmers on Sunday also conceded the mid-year budget update to be released this week would reveal bigger deficits than the May budget, with the treasurer describing the revision as “slippage”.