Treasurer Jim Chalmers is expected to tell people Australia’s inflation rate to exceed seven percent by year’s end as he prepares to deliver an economic update.
Chalmers will make a ministerial statement to the federal parliament on Thursday and present Treasury revisions to the outlook for growth.
“The headwinds our economy is facing – higher inflation at the top of that list, along with slowing global growth – are now reflected in the revised economic outcomes and forecasts,” Mr Chalmers will say.
“This has cut half a percentage point from growth for the last financial year, for this financial year, and for the next financial year.”…