Jim Chalmers says his budget will be built on the expectation that the economy will 'slow considerably' but Australia is 'better placed than most to deal with this global uncertainty'.
abc.net.au/news/australian-treasurer-jim-chalmers-talks-economic-challenges/102214978Treasurer Jim Chalmers says Australians must steel themselves for potentially rocky times ahead as global economic forecasts predict the lowest medium term growth in more than three decades.
He said it will be built on the expectation that the economy will "slow considerably" but argued that Australia is "better placed than most to deal with this global uncertainty". "We expect inflation in Australia to be higher than we'd like for longer than we'd like. This inflation problem in the global economy and in our own economy is a persistent one," he said.The inflation rate in Australia has eased somewhat in recent months.
New data released today suggests that headline inflation in the United States has also fallen from its recent highs.Jim Chalmers says forecasts indicate the global economy could be in for a "hard landing" and Australia won't be "completely immune".
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