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”.