Economy set to worsen, with higher unemployment and weaker growth on the way, Jim Chalmers reveals
Australian Treasurer Jim Chalmers has warned that the economy faces a difficult period with projected weaker growth and higher unemployment. The government is revising its mid-year budget figures as inflation and high interest rates continue to weigh on the labor market.
Why it matters
Economic downturns impact household financial stability and political support for the incumbent government.
Higher interest rates and inflation are likely to mean softer growth and higher unemployment, Jim Chalmers will say in a speech on Friday. Photograph: Darren England/AAP Higher interest rates and inflation are likely to mean softer growth and higher unemployment, Jim Chalmers will say in a speech on Friday. Photograph: Darren England/AAP Australian economy Economy set to worsen, with higher unemployment and weaker growth on the way, Jim Chalmers reveals Treasury is revising all the numbers for the mid-year update as economists warn of a difficult six months ahead
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Prefer the Guardian on Google Jim Chalmers has revealed December’s mid-year budget update will project weaker growth and higher unemployment, as economists warn of a difficult six months ahead for the Australian economy .
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