Amid concerns an economic slowdown is coming domestically and globally, Anthony Albanese says budget repair will help ease interest rate pressure. | swrighteconomy
by the full 0.5 percentage points. Both also lifted the rates on some of their savings interest rates although they remain well short of inflation.Albanese, touring flood-affected parts of Sydney, said the government’s October budget would contain previously announced measures to deal with cost-of-living pressures includingBut he pushed back at suggestions it could offer more relief, saying an increase in government spending would ultimately hurt consumers.
Even before the most recent rate rises from the Reserve Bank, recent state treasury forecasts were all pointing to a slowdown in the economy next year. The NSW Treasury expects growth in the nation’s largest economy to slow from 4.25 per cent in 2022-23 to 2.75 per cent in 2023-24. He said the Reserve Bank was forecasting strong household income growth in the face of headwinds from high inflation, falling house prices and diminishing returns on shares.
“We’re going to have 2022 not as strong as the year before it, and we’re going to end up with 2023 not as strong as 2022.”Global oil prices have eased over the past week due to growing concerns about economic growth and the risks of a possible recession in the United States next year.
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