FinanceThe GuardianChalmers says global economic turmoil will drive budget cuts, but Australia should avoid recession
Treasurer Jim Chalmers warns global economic pressures from the Middle East conflict are squeezing the budget, but says Australia should avoid a recession.
Treasurer says ‘very substantial and intensifying pressure’ on federal budget as he points finger at private sector for driving up inflation amid Middle East conflict
Treasurer Jim Chalmers warned of intensifying pressure on the federal budget driven by the US-led war against Iran and its impact on global oil supplies.
Inflation has jumped to 4% and the RBA has lifted its key interest rate to 4.6%, the highest since 2011, with a mid-year budget update due in December.
Chalmers says a recession is not expected here, but Australians should brace for ongoing cost-of-living pressure as the conflict drags on.
Inflation has risen to 4% and the RBA's interest rate is now 4.6%, the highest since 2011, so your mortgage and grocery costs are unlikely to ease soon.
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