![]() The budget predicts tough economic conditions in the 2023-24 financial year, with real gross domestic product growth of just 1.5%, and unemployment rising to 4.25% due to higher interest rates and slowing household consumption. Business groups, including the Australian Chamber of Commerce and Industry, praised Labor’s “fiscal restraint” but the shadow treasurer, Angus Taylor, argued that with “$2 of extra spending for every $1 extra of revenue” the budget was inflationary.Īfter 11 interest rate rises Chalmers said the budget aimed to “strike a considered, methodical balance … between spending restraint to keep the pressure off inflation, while doing what we can to help people struggling to make ends meet”. ![]()
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