Treasurer Jim Chalmers has used an address to the International Monetary Fund to warn growing military conflicts pose a risk to the global economy.
An escalation of war across the Middle East threatens the global economy, Treasurer Jim Chalmers has warned fellow finance ministers, saying no nation would avoid the hit to growth and inflation caused by increased bloodshed.
Chalmers said the soft economic landing that most economists and policymakers had expected globally this year was at risk because of growing military tensions in the Middle East. Treasurer Jim Chalmers says spikes in oil and gold prices highlighted the growing risks facing the global economy.“Commodity price volatility may result in higher inflation, especially for commodity-importing countries, and restrict central banks’ room to manoeuvre.”
Chalmers said an escalation of the war across the Middle East risked “persistent inflation” across the globe. But Liberal leader Peter Dutton said the government had to take responsibility for inflation, comparing interest rate settings in Australia to those in other countries.
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