On Sunday, Australian Treasurer Jim Chalmers warned that the country faces “very substantial and intensifying” economic pressures, but said he is not preparing for a recession.
Chalmers said the private sector is driving up inflation amid the protracted conflict in the Middle East.
He called on critics of government spending to name the services that should be cut.
The treasurer is preparing to find new ways to cut the budget ahead of its mid‑year update.
The mid‑year update will outline the government's fiscal strategy for the remainder of the year.
<small>Source: The Guardian — read the original story there.</small>
