Australian Treasurer Jim Chalmers said in an interview with the Australian Broadcasting Corporation radio on Wednesday. That the country will avoid a recession but that the economy will slow significantly. “Australia will be affected by global headwinds.”
“Even in the last few months, the world’s situation has become more complex and challenging. And we will not be completely immune to that.”
“The Treasury expects our domestic economy to slow significantly later this year as a result of the combination of a slowing global economy and the impact of higher interest rates here at home.”
“We must lay the groundwork for future economic growth while also attempting to make ourselves more resilient. to international shocks of this magnitude.”
In its latest outlook report, the International Monetary Fund (IMF) predicted that Australia’s GDP growth would slow to 1.6% in 2023 and 1.7% in 2024.
Australian Chalmers statement reaction on Market
The AUDUSD was trading at 0.6665, up 0.23% on the day, unfazed by the Australian Treasurer’s downbeat remarks.
