business
Treasurer Jim Chalmers warns of slower growth and rising unemployment
Treasurer Jim Chalmers warns of slower growth and rising unemployment due to higher interest rates and inflation.
Treasurer Jim Chalmers spoke at the Citi A50 forum in Sydney on Friday regarding economic risks. He stated that higher inflation and interest rates will likely cause softer growth and slightly higher unemployment. Chalmers attributed global risks to two wars and AI investment, though he noted the IMF expects Australia to outgrow almost every G7 economy for five more years.
Latest updates
Treasurer Jim Chalmers warns of slower growth and rising unemployment
Speaking at the Citi A50 forum in Sydney on Friday, Treasurer Jim Chalmers warned that the economy is not immune to the pressures of inflation. The warning comes less than two weeks before a projected fifth interest rate hike for the year. Treasury is currently revising economic data for its mid-year update to reflect these trends. Chalmers noted that the combination of high rates and inflation is creating a challenging environment for national growth.