Australia news live: Chalmers and Gallagher to present final budget outcome; RBA interest rate hike looms
Follow the day’s news live. Get our breaking news email , free app or daily news podcast The treasurer, Jim Chalmers , and the finance minister, Katy Gallagher , will present the final budget outcome on Monday, the updated accounting measure for the 2025-26 financial year. Despite challenges facing the government, Chalmers is expected to say the figures show the budget deficit is smaller than…
Australian Treasurer Jim Chalmers and Finance Minister Katy Gallagher are set to release the final budget outcome on Monday, despite a backdrop of rising unemployment, high inflation, and an impending interest rate increase. The Reserve Bank of Australia is expected to lift the official interest rate to a near-15-year high of 4.6% on Tuesday, a move that markets have largely anticipated.
The global trend of interest rate hikes by central banks in the US, Japan, and Europe is driven by rising oil and fuel prices stemming from the ongoing US-Iran conflict.
While the government acknowledges the struggles faced by households, Labor has resisted reinstating a previous reduction in fuel taxes to alleviate the pressure on road users. The latest data from the Australian Bureau of Statistics could see inflation climb from 3.5% to 4% in the upcoming figures, which are due to be released on Wednesday. The treasurer is expected to highlight a smaller-than-forecast budget deficit of billions of dollars, downplaying the economic challenges.
Written by urgent.news from The Guardian Australia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
