Jim Chalmers says slide in iron ore prices and uptick in jobless rate mean budget will report a much smaller revenue upgrade than in recent years
This year’s budget will aim to address slowing economic growth, ‘persistent cost of living pressures’, and increased global uncertainty, Chalmers will tell a lunch on Thursday.This year’s budget will aim to address slowing economic growth, ‘persistent cost of living pressures’, and increased global uncertainty, Chalmers will tell a lunch on Thursday.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Australia’s economy expanded throughout 2023 even as interest rates rose to 12-year highs. The pace of growth, though, slowed in each quarter and ended the year at just 0.2%, the Australian Bureau of StatisticsThe economy’s performance to close out 2023 would have been even worse if not for trade. Net exports contributed 0.6 percentage points of the December quarter’s GDP growth, a boon that may not last as some commodity prices sink.
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