Chalmers confronts a diabolical budget conundrum
Just a few months ago the Australian economy was shaping up perfectly for Labor; slowing inflation, tax cuts, and the prospect of interest rate relief. Today, Jim Chalmers faces a far more difficult outlook.
This week’s stronger than expected inflation data showing price rises accelerated in the first three months of 2024 came at a very bad time for Treasurer Jim Chalmers.
After returning from meetings with G20 finance ministers, the International Monetary Fund and the World Bank in Washington DC, Chalmers signalled a step-change in the strategy of his third budget, due on May 14.
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