Treasurer Jim Chalmers will prime the government to deliver an “economic soft landing” that will include low unemployment, a recovery in household spending, growth in wages and inflation back within the Reserve Bank’s 2-3 per cent target band.
“In this environment, it would be irresponsible to slash and burn and cut too much. Our more balanced approach is tackling inflation without crunching the economy,” he will argue. The pain from previous interest rate increases and higher inflation is now widening across the economy. “Members observed that the share of borrowers falling behind on mortgage payments has continued to rise, as have financial hardship applications, but from a low level,” it said.
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Source: 7NewsSydney - 🏆 16. / 63 Read more »