With Chinese hospitals and crematoria overflowing with sick, dying and dead, the treasurer warned the situation would likely get worse before it got better.
Treasurer Jim Chalmers says the hit to Australia’s economy of China’s huge COVID-19 outbreak could be substantial and is a key risk heading into 2023, with millions of cases already disrupting global supply chains., Dr Chalmers warned the situation within the borders of Australia’s largest trading partner was likely to get worse before it got better.
Rising interest rates will also slow the Australian economy, with economists and financial markets predicting the Reserve Bank of Australia still has two rate rises to go before being finished with the current tightening cycle. “Headwinds are rising for the Aussie economy. Inflation is uncomfortably high, forcing the Reserve Bank to tighten rates quicker than at almost any time in its history,” analyst Harry Murphy Cruise said.
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