Treasurer Jim Chalmers used some colourful language in an address to staff as he talked up the nation’s economic prospects | swrighteconomy
Treasurer Jim Chalmers has rejected suggestions the federal government has been delivered an economic “shit sandwich” as signs appear that growing inflation is forcing consumers to cut spending on necessities and occasional treats.
“The commentators, and the cartoonists, in particular, I’ve noticed, have taken to describing this economic situation that we’re dealing with now – if you’ll pardon the language – as a bit of a shit sandwich,” he told staff in Canberra on Thursday afternoon.“But I don’t really see the situation that we have inherited, and that we will work with you on, I don’t really see it the same way that the commentators and the cartoonists see it.
A NAB survey of more than 2000 people found one in two are switching to cheaper brands, turning off electrical appliances and lights or making fewer car trips to save petrol.More than 40 per cent said they had cancelled or reduced spending on food delivery and entertainment, coffees, snacks and lunches. People are also cutting expenditure on magazines, audiobooks, apps and gym memberships., with Westpac on Thursday saying the RBA is now likely to take the cash rate to 2.
“We accept that our forecasts for the cash rate assume a successful navigation of a very narrow path towards a soft landing,” he said. An Australian Bureau of Statistics survey released on Thursday found half of all large and medium-sized businesses said they expected to increase wages and salaries over the next three months. Just 29 per cent of small operations are planning a pay increase for staff.
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