July 28, 2022 - 12:04 PM 221 views
Inflation is now anticipated to peak at 7.75 percent in the December quarter, according to Australia's Treasurer Jim Chalmers, who spoke to the nation on Thursday and called his remarks "confronting."
By the middle of 2023, headline inflation is predicted to be 5.5 percent, then 3.5 percent, then 2.75 percent by the middle of 2024.
The final budget result for 2021–22 is likely to be far better than anticipated.
It is anticipated that the unemployment rate will stay low before rising to 3.75 percent by June 2023 and 4 percent by June 2024.
The budget is under increased strain in the short, medium, and long terms.
Forecast for nominal wage growth has been upgraded to 3.75 percent for this and the following fiscal years.
In 2023–2024, real earnings are anticipated to begin increasing once more.
Expect that the forward predictions will be about $30 billion more than actual government payments.
The Market Reaction
AUD/USD is currently trading little lower at 0.6989, unaffected by the aforementioned remarks from Chalmers.
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