US EditionTreasurer flags no big budget improvement, issues grim trade war warning
- Treasurer Jim Chalmers warned that a global trade war could severely impact Australia's economy, with indirect effects expected to be significantly larger than direct tariff impacts by 2030.
- Chalmers noted that steel and aluminum tariffs imposed by U.S. President Donald Trump would lower Australia's GDP by approximately $3 billion, while inflation remains a concern.
- The OECD revised its growth forecast for Australia, projecting a slowdown due to the ongoing trade issues and global economic conditions.
- Chalmers emphasized that the indirect impacts of trade tensions are more concerning, stating they could be four times larger than direct tariff effects.
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Chalmers warns against tit-for-tat trade war
Treasury modelling has revealed the total impact of the US tariffs on Australian steel and tariff imports will cause just a 0.1 per cent hit to Australia’s GDP, while a tit-for-tat trade war would have far deeper ramifications for Australia’s economy.
Cyclone's blow to budget as food, building costs hit - News Of The Area
Treasurer Jim Chalmers speaks to the media during a press conference on Monday. Photo: AAP Image/Jono Searle. TREASURER Jim Chalmers has confirmed a budget deficit after posting two surpluses as he announces more cyclone-aftermath support. An additional $1.2 billion will go toward disaster payments and rebuilding local communities and forms part of a broader $13.5 billion natural disaster response package in the budget. Advertise with News of Th…
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