Australians have been warned the current high cost of living is expected to get worse this year. Treasurer JEChalmers says international factors are continuing to put massive pressure on the economy. auspol 7NEWS
Watch the latest news on Channel 7 or stream for free on“The headwinds our economy is facing - higher inflation at the top of that list, along with slowing global growth - are now reflected in the revised economic outcomes and forecasts,” Chalmers said.
“As much as we can provide support, we can’t control the war in Ukraine, the floods and a new COVID variant brought the supply chain and worker absences that we have been experiencing.“But let’s be really clear about something - inflation is high and in the near term will get higher, but the primary cause of this is not higher wages. Nowhere near it.”He said that wages likely won’t be able to keep up with inflation for at least another year.
Chalmers said that the changes are a reflection of both domestic and international challenges, including the pandemic, conflict in Ukraine and clogged supply chains.Credit:on Thursday morning, Chalmers said Australians should expect the cost of living to worsen before it gets better.
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