The treasurer's position is known to be one of, if not the, most difficult spots in any Australian cabinet in modern history, and the current climate is no exception. On the domestic front, interest rates are at a 15-year high, which could become an 18-year high if the RBA jacks  them up again on Cup Day. Overseas, Donald Trump's war is keeping prices elevated.

All this is happening as Labor comes under considerable political pressure from a grumpy electorate demanding more and more spending, and a persistent populist insurgence.

Jim Chalmers is in the middle of all of it, as signs of tension emerge in the cabinet over Labor's economic stewardship. Chalmers' at times testy relationship with Anthony Albanese has also been in the spotlight.