Speaking on public television in Australia over the weekend, Australian Chancellor of the Exchequer Jim Chalmers said he expects a significant economic slowdown and unemployment recovery as inflation subsides.
- “As the Reserve Bank and Treasury forecast inflation to moderate over the coming months, they have a sign of unemployment as well.”
- “I think the slowdown in our economy is expected to be significant in this forecast, and that will have implications for the unemployment rate.”
- Slowing growth “as a result of high interest rates and global economic uncertainty”
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None of this is surprising, as Chalmers reiterated current forecasts from the RBA and Treasury.
RBA Deputy Governor Bullock will be the new RBA Governor from September 18.
You will deal with higher unemployment in the Bank’s considerations on future policy development.
