← October 4, 2026 briefingEconomy
Australia braces for budget cuts amid global turmoil
Australian Treasurer Jim Chalmers has warned of "very substantial and intensifying" pressure on the federal budget driven by global economic instability and Middle East conflict-fuelled inflation, while insisting Australia will avoid recession. He is preparing new spending cuts ahead of the mid-year budget update, pointing to the private sector as a key driver of domestic inflation.
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