OPINION: Jim Chalmers is setting the scene for economic pain to come - blaming the legacy of the Coalition government and promising that better times are ahead. But not just yet.
despite evidence of a cooling US economy is an aggressive attempt to rein in inflation running at 9 per cent – the highest in 40 years. The International Monetary Fund expects global inflation to reach 8.3 per cent this year, with higher interest rates translating into downgrades of expected growth.“Higher global inflation. Slower global growth. Ongoing conflict. The impacts of COVID. Clogged supply chains. All of this affects us in some form,” he said.
Chalmers is sticking to his line that delivering on Labor’s election commitments does add up to a responsible economic plan, citing three major initiatives that will lift the speed limit on the economy. This includes, he says, helping Australians with the cost of living by cutting childcare costs and reducing barriers to women working additional hours, as well as cutting the cost of prescription medicines.
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