The rapidly changing outlook means the new government must confront the growth agenda that both sides of politics have sought to ignore.
rams home how quickly war, pandemic and inflation have upended things in the four months.
The rapidly changing outlook means Dr Chalmers cannot dwell on the tough hand he was dealt at the May federal election. Alongside the deteriorating indicators, the government also has inherited an unprecedented jobs boom and the lowest unemployment rate for nearly half a century. It’s a combination like no other in modern times.
Accelerating inflation is forcing governments everywhere to take unpalatable decisions, says the IMF. In Australia, that amounts to levelling with the public that real wage increases are not sustainable, which Dr Chalmers has conceded in a roundabout way. Yet delay will only make things worse, which is why the Reserve Bank of Australia is sharply normalising interest rates now.
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