The Australian Treasurer, Jim Chalmersdeclared on Wednesday that do not foresee a recession for the Australian economy despite a possible slowdown.
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“The forecast from Treasury experts is that higher interest rates, combined with difficult global conditions, will significantly slow down our economybut they don’t expect a recession in Australia right now.”
“Of course, as the RBA governor acknowledged in his statement yesterday, when interest rates risemortgagors notice it right away, but the impact on the economy takes a while to arrive.
For his part, Stephen JonesDeputy Treasurer, has stated: “We believe that inflation has peaked and is beginning to turn around“.
“So we expect this to be, if not the last, then almost the last of the interest rate hikes“Jones added.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
