‘We may have a global recession’: Peter Dutton’s warning amid tariff turmoil
The Opposition Leader’s grim prediction comes amid fears the stock market plunge could force Baby Boomers to delay their retirement.
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Peter Dutton has predicted Australia could be facing “a global recession” as fears emerge the stock market plunge could force Baby Boomers to delay their retirement.
As both sides of politics recalibrate their campaign in light of global events, the Treasurer Jim Chalmers is predicting a double rate cut in May as millions of Australians have their retirement income savings smashed.
“I just want to point out that our country is going into $1.2 trillion worth of debt,” the Opposition Leader said in response to Labor’s plan.
“We may have a global recession. People are going to see the value of their superannuation funds really dramatically decrease if that happens.”
Mr Dutton said the crisis was a timeline reminder that “Labor can’t manage money, they can’t manage the economy, which is why they always tax”.
“Our policies are about helping Australians,” he continued.
“I want to improve the living standards of every Australian. Over the last three years, people have gone backwards.”
Mr Dutton said there had been “a household recession in this country”.
“Families are $50,000 worse off. So, we have to be responsible in the way in which we manage the economy,” he said.
“If we are to face a recession in the United States, you don’t want a Labor-Greens government in charge in Canberra. That will be a disaster for your retirement plans.”
Asked if retirees should be nervous, Mr Chalmers said he wanted to assure people that in a world of volatility and uncertainty, Australia is better placed and better prepared than our peers.
“Everyone with a super fund, everyone with shares, I think probably ever Australian, is seeing what’s happening on global share markets and in our own share market with a degree of trepidation about all of this uncertainty,” he said.
“One of the big pressures on the budget that we released not that long ago was these escalating trade tensions, which do cast a dark shadow over the global economy, and we won’t be immune from that. But we are better placed, we are better prepared, and Australians should take comfort from that.
“So yes, we are concerned, and we’ll continue to engage. I’m concerned about the impact in Asia. If you look at the impact of some of the tariffs on Asia, some of them were quite high.”
Originally published as ‘We may have a global recession’: Peter Dutton’s warning amid tariff turmoil
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