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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.
The Reserve Bank of Australia raised interest rates to a high not seen for 15 years.
The Australian Government will fund a delay to the ATO’s planned ban on credit card tax payments, allowing cards until mid-2027 after small-business criticism. Assistant Treasurer Daniel Mulino said the government knew about the proposal in July.
AllegedThe ATO said absorbing credit card surcharge fees would cost about 200000000 USD per year.
The article reports four interest rate rises this year.
The Reserve Bank unanimously raised the cash rate by 25 basis points to 4.6 per cent. Annual headline inflation rose to 4 per cent in August from 3.5 per cent in July, while trimmed mean inflation stayed at 3.6 per cent. Fuel prices rose 15 per cent.
Government spending as a share of GDP after the reported increase was