Treasurer Jim Chalmers says he still expects the Australian economy to grow over coming months, but the challenges to that growth are mounting.
The lagged impact of the Reserve Bank’s sharp increase in interest rates and the slowdown hitting China are the biggest risks to the Australian economy, Treasurer Jim Chalmers has warned.
Treasurer Jim Chalmers says the slowdown in China and lagged impact of higher interest rates are the biggest risks to the economy.The Reserve Bank is tipping the economy to expand by just 0.9 per cent this year. At the start of the year, it was forecasting economic growth of 1.6 per cent. Financial markets and economists are now increasingly confident it has finished with tightening monetary policy.
“We still expect ... for the Australian economy to continue to grow but that growth will be substantially weaker.”She said last week’s intergenerational report was full of dire warnings, but the government was not offering solutions.Credit:“ this constant negativity about how the future is going to be disastrous, how costs are going to blow out, how taxes are going to be higher, how it’s going to be impossible for people to buy a home,” she said.
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