Treasurer Jim Chalmers has delivered a dire economic update, with new forecasts revealing inflation will peak at close to 8 per cent. pablovinales
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"Australians are paying a hefty price for a wasted decade," he told MPs, as he lashed the Opposition over its time in government.Inflation has surged to a 21-year high. What is it and why does it matter?"It's already 6.1 per cent through the year to June, and now forecast to peak at 7.75 per cent in the December quarter this year," Mr Chalmers said.
"In the meantime, higher interest rates, combined with the global slowdown ... will impact on Australia's economic growth."Treasury has also slashed its gross domestic product forecasts for 2021/22, 2022/23 and 2023/24 by half a percentage point each. "You [the Australian people] are already paying too much for that in the form of high and rising inflation, falling real wages and a trillion dollars of debt that will take generations to pay off."
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