Treasurer Jim Chalmers has declared the global economy is a “dangerous place” as he comes under pressure to confirm potential changes to the stage three tax cuts.
The Treasurer has again deflected from confirming whether the government would amend the massive tax cuts – expected to cost up $20 billion a year – but has warned economic pressures have worsened in recent weeks.
Dr Chalmers said the government would assess the upcoming budget in the context of the IMF’s warnings and similar concerns raised by the Reserve Bank on Friday. The Treasurer repeated his warnings of a “deteriorating” global outlook and said the government would be forced to prioritise “responsible” fiscal management.
“We do have $1 trillion in debt that we inherited. We do have difficult global conditions and rising inflation. And we do have persistent structural pressures on the budget. And no responsible government could ignore those.”
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