economy Australia
Chalmers warns of global pressure and signals budget savings
15years
The Reserve Bank of Australia raised interest rates to a high not seen for 15 years.
Treasurer Jim Chalmers warned that global turmoil and the Middle East conflict would pressure Australia’s economy and budget, while saying Australia should avoid recession. He said further savings were being prepared for the December budget update.
2 sourcesabc.net.au, The GuardianUpdated
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Jim Chalmers said a savings package would feature in the mid-year budget update.
2 of 2 sources“the government was working on finding further savings to the budget in the mid-year economic and fiscal outlook”
The mid-year budget update is due in mid-December.
“which is due in mid-December”
Jim Chalmers downplayed the prospect of additional cost-of-living relief for Australians.
2 of 2 sources“If people don’t want us to strengthen Medicare, for example, or cut income taxes, or provide cost-of-living relief in other ways, then they should nominate where that should be cut”