Treasurer Jim Chalmers outlines inflation and growth strategy
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The news: Australia’s economic strategy will be focused on fighting inflation while the May Budget will have a stronger emphasis on economic growth, Treasurer Jim Chalmers has said at the International Monetary Fund in Washington.
The context: In his remarks, Chalmers said while a soft landing was still expected in Australia and globally, it was not assured given the increasingly complexity, uncertainty and instability.
He said the five global pressures that mattered the most were: lingering inflation, slowing growth, rising tensions, fragmenting supply chains, and that the global economy was transforming.
Chalmers noted economies could shift from inflation to growth through providing cost of living relief, repairing budgets and supply chains, and reforms focused on enabling investment to build a more productive, resilient and sustainable global economy.
What they said: “Our economy is slowing, and this will see our labour market soften. Paired with lower bulk commodity prices this will have material implications for our revenue outlook and our budget,” he said.
“At the same time, we can't afford to fall behind, or fail to make the investments that will work to secure our future.
“Our economic strategy will be focused on the fight against inflation but our budget will see a stronger emphasis on economic growth, to help us meet the challenge of the defining decade ahead.”
The source: Treasury
