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Treasurer Flags ‘Confronting’ Details in Next Week’s Budget

by | Mon, Jul 18 2022

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Australians are being warned to brace for some “confronting” economic news.

Treasurer Jim Chalmers will release a budget update when the new Parliament sits for the first time next week.

Mr Chalmers says the budget will paint a true picture of the economy.

“The news in that statement will be in many ways confronting – when it comes to our expectations of inflation; when it comes to the impact of interest rate rises on growth; when it comes to what this spike in inflation means for real wages,” said the Treasurer.

The full budget will be delivered on July 28.

Meantime, details of a review into Australia’s central bank will soon be unveiled.

Jim Chalmers is seeking to investigate the goals, processes and public commentary of the Reserve Bank.

“The panel; the terms of reference; and other key details – when it comes to that Reserve Bank review – I hope to have that settled and announced before the parliament resumes next week,” said Mr Chalmers.

“I’ve got a little bit of consulting still to do, including with the Opposition.”

The RBA inquiry has been described as “a once-in-a-generation opportunity”.