Treasurer Jim Chalmers says Australia is on track to avoid a recession despite the nation’s outlook being downgraded and a stalling international economy.
The International Monetary Fund delivered a downbeat prediction for the global economy in its latest outlook, warning high inflation coupled with financial system turmoil could bring near-recession conditions.
Chalmers said neither Treasury nor the Reserve Bank were expecting Australia to slip into recession, but the economy was forecast to slow.
“We are better placed than most countries because of lower unemployment, because of the prices we’re getting for our exports and some of the other advantages we have,” he told ABC Radio on Wednesday….