Jim Chalmers warns inflation will only get worse before it gets better; Anthony Albanese said Indonesia helps Australia diversify trade away from China. Follow updates here.
Treasurer Jim Chalmers is doing media rounds this morning., Chalmers said inflation would get worse and that Australians should expect a “difficult winter”.
“Inflation is going to get worse before it gets better. That’s the unfortunate reality. There’s no point mincing words about that.” “Just because these interest rate rises are expected won’t make them any less difficult for a lot of people who are already confronting cost of living pressures. The average mortgage at the moment is $330,000. A 25 basis point increase would be about $43 extra a month that people have to find at the same time as they’re finding money for higher petrol and electricity prices.”
“What we can do and what we intend to do in the October budget is to provide responsible sustainable long-term cost of living relief in areas like childcare, in healthcare,” Chalmers said.
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