Australian Treasurer Jim Chalmers has warned that inflation in the country is expected to hit 7.75 percent by the end of 2022, around 3.5 percent higher than what he forecasted three months ago.
In his address to the federal parliament, the treasurer said the government had scaled back the economic growth outlook.
“It’s already 6.1 percent through the year to June, and now forecast to peak at 7.75 percent in the December quarter this year,” Chalmers said.
“The current expectation is that it will get worse this year, moderate next year, and normalise the year after.
“We haven’t reached the peak yet, but we can see it from here.”…