Australia’s economy faces worsening conditions with higher unemployment and weaker growth, prompting Treasury to revise forecasts and raising fears of further interest rate hikes.
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Treasury is revising all the numbers for the mid-year update as economists warn of a difficult six months aheadGet our new political email, free app or daily news podcastJim Chalmers has revealed December’s mid-year budget update will project weaker growth and higher unemployment, as economists warn of a difficult six months ahead for the Australian economy.Two days after a senior Reserve Bank official foreshadowed the potential for another interest rate hike in under two weeks’ time, the treasurer in a speech on Friday morning will say “higher inflation is putting people under pressure, tighter monetary policy is weighing on domestic activity, and we can see that in the softening of the labour market”. Continue reading...
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