New federal Treasurer Jim Chalmers is warning people to expect tough days ahead as the government grapples with a trillion dollar debt and high inflation.

Mr Chalmers will be briefed by the Reserve Bank Governor and other economic agencies today.

Treasurer Jim Chalmers told Ben Fordham they have a plan to ease the cost of living futures into the future.

“I’ve got to be upfront with your listeners and say that nobody can flick a switch and make a trillion dollars in debt disappear … but the hard work has already begun.”

Press PLAY below to hear the full interview

Image: Nine News