Treasurer Jim Chalmers has warned there are no quick fixes to the energy crunch, while Penny Wong will race back to the Pacific to match China’s diplomatic advance. Those stories and more in today's live blog. auspol
Victorian Premier Daniel Andrews spoke to the media at Clayton in Melbourne’s south-east this morning.‘Challenges have got worse’: Chalmers says budget figures don’t match current economynew GDP figures released yesterday revealed intensifying inflation“We’ve got strong demand in the economy, we’ve got a tight labour market, but we also have high and rising inflation, which is leading to interest rate rises, we’ve got falling real wages,” Chalmers told Radio National.
“A number of those challenges have gotten much worse since the March national accounts, and even the growth figures that were in the national accounts yesterday, which in ordinary times might look, on the surface, like they were relatively strong or well short of what the former government budgeted for in their budget.
Energy suppliers and major users have raised the alarm over a massive spike in prices caused by a cold weather-driven demand spike, soaring global commodity prices and lingering disruption from east coast floods.In an interview with ABC Radio National, Mr Chalmers said some measures were under consideration, including limiting exports of gas, but the situation would not be easily solved.
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