Jim Chalmers has described the global economy as “on the edge” during his first trip to the United States as treasurer.
Key points:
- Jim Chalmers is in Washington DC ahead of a G20 finance ministers’ meeting
- He warned the risk of recession in the US and other major economies “has clearly edged over from possible to probable”
- The Treasurer also ruled out making any changes to the stage 3 tax cuts in the budget on October 25
Speaking in Washington DC, he also ruled out changes to the legislated stage 3 tax cuts in his upcoming budget.
“The backdrop for this budget is a deteriorating global economy and rising inflation at home and persistent structural pressures on the budget,” he said.
“Our forecasts for global growth will be substantially lower than they were even in the July statement that I released.
“Now, that will have implications for our own growth and our own economy and for unemployment.”
Dr Chalmers said he is “taking the…
