shot-button
Ganesh Chaturthi Ganesh Chaturthi
Home > News > World News > Article > Australian treasurer cautions against future challenges

Australian treasurer cautions against future challenges

Updated on: 09 April,2023 08:13 AM IST  |  Canberra
Agencies |

Jim Chalmers says next five years will be slowest for economic growth in the country

Australian treasurer cautions against future challenges

Jim Chalmers

Responding to the International Monetary Fund’s (IMF) projections forecasting the next five years will be the slowest for economic growth in more than three decades, Australian Treasurer Jim Chalmers on Saturday said citizens should be realistic about future fiscal challenges.


Chalmers will in May hand down his second federal budget, which he said would aim to “strike the right balance between targeted cost-of-living relief, responsible fiscal management and laying the foundations for future growth”, reports Xinhua news agency. “Australians should be optimistic about the future of our country, but realistic about the challenges we face, and the slowing global economy,” Chalmers was quoted as saying by the local media.


Also Read: Australia bans TikTok from federal government devices


IMF Managing Director Kristalina Georgieva on Thursday said the world economy is expected to grow less than three per cent this year, with India and China projected to account for half of global growth in 2023. The Australia-India Economic Cooperation and Trade Agreement came into effect at the end of 2022, eliminating tariffs on over 85 percent of Australia’s goods exports by value to the South Asian nation.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK