Speaking after his return from Washington, Treasurer Jim Chalmers painted a bleak picture for Australia's immediate future as he prepares to hand down the Budget against a backdrop of global uncertainty.
Treasurer Jim Chalmers has warned the May Budget will forecast global economic growth at the lowest level in 20 years bar the GFC and COVID-19 pandemic with Australia facing"intensifying" pressures from the world economy.
"Although the global economy has managed to get through a difficult period in the last few months, the risks in the economy are, in the language of the IMF, tilted to the downside. As a consequence, Mr Chalmers said one of the key objectives he had taken to the meetings in Washington was to figure out how to"align" the Budget with global conditions."That's what the May Budget will represent."
Mr Chalmers added the third focus in the budget would be on investing in growth in"energy, industry and particularly the care economy" as he promised to make a"substantial investment" in supporting households and business. "I intend to confer with my colleagues as well. But I wanted to flag that I hope to be able to release the Reserve Bank review quite soon," he said."That will be released with an initial view from the government about the 51 specific recommendations contained in the report."
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