I had the main points of what Chalmers would be saying earlier, here:
ICYMI: Australia has cut its economic forecasts, citing high inflation, slow global growth
Giving his speech now, more:
- Inflation now forecast to peak at 7.75% in the December quarter
- Headline inflation seen at 5.5% by middle of 2023, 3.5% by end of 2023, 2.75% by middle of 2024
- Final budget outcome for 2021-22 likely to show a dramatically better-than-expected outcome
- Unemployment rate expected to remain low before returning to 3.75% by June 2023 and 4% by June 2024
- Short, medium-and-longer-term pressures on the budget are more pronounced
- Upgrades forecast for nominal wages growth to 3.75% this financial year and next
- Real wages are expected to start growing again in 2023-24
Jim Chalmers, Treasurer of Australia
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AUD barely changed.