OPINION: Treasurer Jim Chalmers has outlined the “thread the needle” performance required in a high inflation and rising interest rate era, but challenges lie ahead.
Treasurer Jim Chalmers has outlined the “thread the needle” performance that Australia needs to achieve a soft economic landing in an era ofIf the government and Reserve Bank of Australia can land this scenario, they will deserve praise for delivering for the community.Alex Ellinghausenthat is forecast to hit almost 8 per cent late this year, the paradox in the updated Treasury economic statement numbers is that there are only modest downgrades to the other key economic parameters.
Westpac is more downbeat, warning that GDP growth will slow to just 1 per cent next calendar year, as the RBA increases the cash rate above 3 per cent.Chalmers says there are “more Australians in jobs than ever before”, with the unemployment rate staying low, at between 3.5 per cent and 4.25 per cent over the next few years.
The cost of living pressures on petrol, energy bills and rising interest rates will be felt by voters, especially becausefor the second straight year, resulting in an unfortunate but necessary temporary real wage cut to limit inflation.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia’s inflation rate to peak at 7.75% in December quarter, economic update predictsTreasurer Jim Chalmers tells parliament that nation is facing a ‘once-in-a-generation’ challenge and real wages won’t grow until 2023-24 fiscal year
Read more »
Inflation on track for 32-year high as wages go backwards: ChalmersIn an economic update to Parliament, Treasurer Jim Chalmers has revealed inflation is likely to get worse and real wage growth will deteriorate.
Read more »
'Heavy weather': Chalmers to warn cost of living will get tougher in economic updateThe Treasurer is painting a grim picture of the coming months, forecasting spiking inflation, rising unemployment and more interest rate hikes, ahead of a speech to parliament later today.
Read more »
Live: Jim Chalmers to deliver 'confronting' economic update following latest inflation hikeThe Federal Treasurer says his economic update to parliament will be 'confronting', as the nation grapples with the largest increase in cost-of-living pressures in two decades. Follow live.
Read more »
Inflation on track for 32-year high as wages go backwards: ChalmersIn an economic update to Parliament, Treasurer Jim Chalmers has revealed inflation is likely to get worse and real wage growth will deteriorate.
Read more »