Jim Chalmers said the government was restricted by fiscal circumstances after the rate rise and economists and the OECD backed the treasurer’s position, saying any government assistance should be carefully targeted. auspol
Australians have been told not to expect any cost of living support for months as Treasurer Jim Chalmers said the government was restricted by fiscal circumstances after the Reserve Bank announced the biggest interest rate hike in 22 years in a bid to combat growing inflation.
Chalmers has previously said the government will unveil cost of living assistance in the October budget, including its election promises of greater childcare subsidies, cheaper prescription medicines, and work to get power prices down. “We need to navigate together these choppy waters that we’re dealing with now. It’s not beyond us. It will get harder before it gets easier,” he said.OECD chief economist and deputy secretary-general Laurence Boone said monetary and fiscal policy needs to be adjusted to the “extraordinary circumstances”, including the war in Ukraine, which are driving inflation.
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