This picture taken on Aug 21, 2021 shows workers walking along the quiet George Street in Sydney. (DAVID GRAY / AFP)
CANBERRA - Australia's Treasurer has warned the country is facing economic downgrades amid global uncertainty.
Prime Minister Anthony Albanese and Chalmers have repeatedly said that their first budget since the Labor Party won power in May's general election will be austere, with a focus on "responsible cost of living relief"
Ahead of delivering his first federal budget on Oct 25, Jim Chalmers on Monday said the global economy is on an "increasingly perilous path."
After returning from meeting with the International Monetary Fund (IMF) and G20 (Group of Twenty) counterparts in Washington DC, Chalmers said Australia would not escape the downturn.
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"The global economy is treading an increasingly perilous path and downside risks loom large - this was a clear message from meetings with my counterparts in Washington DC," he said.
"The budget will confirm the stark deterioration in the outlook for global growth and in several major economies, with some at risk of falling into recession."
Prime Minister Anthony Albanese and Chalmers have repeatedly said that their first budget since the Labor Party won power in May's general election will be austere, with a focus on "responsible cost of living relief."
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Chalmers said Australia was protected from some of the factors causing global turmoil but that the budget would include significant downgrades to growth forecasts amid uncertainty.
"Here in Australia we have some things going for us, including plenty of people in work and decent demand for our exports, but we will not be spared from the consequences of a global slowdown," he said.
"A weaker global economy with higher inflation and heightened risks makes it even more important we deliver a responsible budget here at home, which is exactly what we will do next week."
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