Statement on the Economy July 2022.
The new Treasurer, Jim Chalmers, in a major economic statement to the Australian parliament, has warned that Australians must be prepared to take some “tough medicine” in the coming months to avoid recession and worsened living standards.
A few snippets from the treasurers Ministerial Statement on the Economy at: treasury.gov.au
Every household has to make tough decisions about what they can and cannot afford.
Australia is outperforming much of the world, but that doesn’t make it easier to pay the bills at home.
More Australians are in jobs than ever before.
Our high inflation is primarily global, but not exclusively.
Australia can’t control the war in Ukraine, or China’s COVID policies.
What does it mean to say..
Australia is outperforming much of the world?
We can look at some Inflation Rates, for comparable countries:
- 6.1% Australia
- 7.5% Germany
- 8.1% Canada
- 8.6% Netherlands
- 8.6% Euro Area
- 9.1% USA
- 9.4% UK
- 10.2% Spain