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- Australian Treasurer Chalmers: Inflation now forecast to peak at 7.75% in Q4
Australian Treasurer Chalmers: Inflation now forecast to peak at 7.75% in Q4
Delivering a "confronting" economic statement to the nation on Thursday, Australia’s Treasurer Jim Chalmers said that inflation is now forecast to peak at 7.75% in the December quarter.
Additional takeaways
Headline inflation seen at 5.5% by middle of 2023, 3.5% by end of 2023, 2.75% by middle of 2024.
Final budget outcome for 2021-22 likely to show a dramatically better-than-expected outcome.
Unemployment rate expected to remain low before returning to 3.75% by June 2023 and 4% by June 2024.
Short, medium-and-longer-term pressures on the budget are more pronounced.
Upgrades forecast for nominal wages growth to 3.75% this financial year and next.
Real wages are expected to start growing again in 2023-24.
Expect that government payments will be around a$30 billion higher over the forward estimates.
Market reaction
At the time of writing, AUD/USD is trading modestly lower at 0.6989, unperturbed by the above comments from Chalmers.
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