Chalmers Flags Softer Growth and Higher Unemployment Ahead of Budget Update

Australian Treasurer Jim Chalmers has flagged softer economic growth and slightly higher unemployment in extracts of a speech scheduled for Friday, 23 October. He attributes the weaker outlook to elevated inflation and tighter monetary policy, which are weighing on domestic activity and softening the labour market. Treasury is revising its projections ahead of the December mid-year budget update, but the extracts do not give new numerical growth or unemployment forecasts. The warning follows Australian Bureau of Statistics data showing seasonally adjusted unemployment at 4.7% in September.