Inflation will be “significantly higher” than forecast in the most recent budget, Treasurer Jim Chalmers has revealed while also warning the cost of servicing government debt is rapidly increasing. | swrighteconomy
Inflation will be “significantly higher” than forecast in the most recent budget, Treasurer Jim Chalmers has revealed while also warning the cost of servicing government debt is rapidly increasing.
Since then, inflation pressures have grown. Inflation reach 5.1 per cent in the March quarter while the Reserve Bank now believes inflation could reach 7 per cent by year’s end.would not be “wildly off the mark”. While inflation hurts ordinary workers, it is helpful for the budget. Figures released on Friday showed the deficit for the first 11 months of 2021-22 was $34.6 billion. It had been expected to be $63.7 billion to the end of May.
Chalmers said the better result to May was a reflection of the surge in commodity prices due to the war in Ukraine and Australia’s tight jobs market.
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