Chalmers says global economic turmoil will drive budget cuts, but Australia should avoid recession
Australian Treasurer Jim Chalmers is seeking budget cuts ahead of the mid-year update due to global economic pressures. He attributed rising inflation to the private sector and the ongoing conflict in the Middle East, while maintaining that Australia is likely to avoid a recession.
Why it matters
The government's fiscal strategy is being tested by global supply chain disruptions and cost-of-living crises, impacting national economic policy.
The federal treasurer, Jim Chalmers, is looking for ways to cut the federal budget ahead of its mid-year update. Photograph: Darren England/AAP The federal treasurer, Jim Chalmers, is looking for ways to cut the federal budget ahead of its mid-year update. Photograph: Darren England/AAP Australian economy Chalmers says global economic turmoil will drive budget cuts, but Australia should avoid 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
Get our new political email , free app or daily news podcast
Prefer the Guardian on Google Jim Chalmers has warned of “very substantial and intensifying” economic pressures on the horizon but insists he’s not planning for a recession, as he prepares to find new ways to cut the budget ahead of its mid-year update.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in