With less than a fortnight until Jim Chalmers delivers his first Budget, we look at how the deteriorating global financial situation is affecting the Australian economy and the budget outlook. Dr Chalmers is in Washington meeting global financial leaders, with discussions dominated by stubborn inflation, particularly after data was released overnight showing that core inflation in the US hit 40-year highs in September. That sparked fears of more aggressive rate rises by the US Federal Reserve which in turn raises the prospects of higher interest rates in Australia.

Mike Bowers talks the week in pictures with Sammy J.

David Speers interviews Transport and Infrastructure Minister Catherine King.

ABC's own Dan Bourchier, Lenore Taylor of the Guardian Australia and the Australian Financial Review's Phil Coorey discuss the issues of the week.

David Speers interviews Transport and Infrastructure Minister Catherine King.

The Stage 3 tax cuts are our top this week, with the Treasurer Jim Chalmers demonstrating his significant skill as a kite flyer with the government now reportedly considering amending the cuts. The third stage of the tax cuts, first announced by Treasurer Scott Morrison in 2018, abolish the 37% tax rate and reduce the 32.5% rate to 30% while increasing the threshold for the 45% rate from $180,000 to $200,000. They cost a bomb – more than $200b over a decade, but that cost was known when Labor supported the tax cuts in opposition. So what’s changed?

Mike Bowers talks the week in pictures with Cathy Wilcox.

David Speers interviews Opposition Leader Peter Dutton.

The Age and Sydney Morning Herald's Sean Kelly, Karen Middleton of the Saturday Paper and The Australian's Cameron Stewart discuss the issues of the week.

David Speers interviews Opposition Leader Peter Dutton. The Age and Sydney Morning Herald columnist Sean Kelly, The Saturday Paper's Karen Middleton and Cameron Stewart of The Australian discuss the issues of the week. Mike Bowers talks pictures with cartoonist Cathy Wilcox.