Treasurer Jim Chalmers is confident Australia is not heading towards a recession despite some economists warning the path to a soft landing from soaring inflation is narrowing.
He says the Australian economy might stutter as interest rates lift, but neither the Reserve Bank nor Treasury are anticipating a recession.
“We do expect the Australian economy to slow considerably,” the treasurer said.
“This is the inevitable consequence of the interest rate rises that began before the election and continued after, and also the substantial slowdown in the global economy.”
Mr Chalmers said the Australian labour market was outperforming international peers, leaving the nation in a strong position to withstand economic challenges….