Treasurer Warns of Weaker Growth and Rising Unemployment Ahead

Australia faces weaker economic growth and higher unemployment ahead of the mid-year budget update.

Australian Treasurer Jim Chalmers has warned that December budget projections will show weaker economic growth and rising unemployment. Despite positive signals for certain business investments, economists predict a difficult six months ahead for the national economy.

• The projectionTreasury is currently revising economic forecasts for the upcoming mid-year budget update.
• The warningIndependent economists expect a challenging economic environment over the next six months.