“Australia’s Treasurer Jim Chalmers warned of ‘complex and confronting’ global economic conditions as he prepares to head to Washington for a Group of 20 meeting and about a month out from handing down his nation’s annual budget,” reported Bloomberg while quoting Australia’s Sydney Morning Herald (SMH) news on early Tuesday.
Key statements
Global conditions have become more complex and confronting than they were even a few months ago.
That means these key meetings and our upcoming budget will be all about providing security for our people in uncertain times for the world.
Recent tremors in global financial markets have increased uncertainty and downside risks, and the IMF is now forecasting the weakest five-year period for global growth in more than three decades.
Higher interest rates have exposed vulnerabilities in parts of the international banking system, adding to the already significant challenges of persistent inflation, slowing global growth and the ongoing impacts of the war in Ukraine.
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