Prime Minister Malcolm Turnbull in the studio with Neil Mitchell

The Prime Minister has signalled there will be no further cuts in this year’s budget, but has called on Labor to pass on existing savings.

The Business Council of Australia has warned budget repair is urgently needed, and a lack of strategic direction will harm everyday Australians.

Malcolm Turnbull urged the Senate to ‘co-operate’ to secure Australia’s financial position.

‘If we don’t rein in the deficit, the inevitable consequence is we will and particularly our children will, have either less services or higher taxes or both,’ he told Neil Mitchell.

‘The obligation on Mr Shorten is take up the responsibility and help us bring the budget back into balance.’

• On the NAB interest rate hike – ‘it’s up to the banks to justify, that is their responsibility.’
• On allowing home buyers to dip into their super – ‘there’s a lot of discussion about that, we are no win the pre-budget speculation.’
• On new ACTU boss Sally McManus – ‘if she thinks she and the unions are above the law, then there’s not much work we can do with her I’m afraid.’
• The PM says the government does support the Fair Work Commission’s cut to Sunday penalty rates

Questioned on his leadership over the last eight months, he said he has had a successful start.

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