Jim Chalmers warns soft landing ‘not assured’ for economy despite Treasury forecasts
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Jim Chalmers warns a soft landing for the economy is "not assured" despite Treasury forecasts. Main risks are slowing China economy and prolonged slump in household consumption.
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Growth was negative in per capita terms for 2nd quarter in a row, so Australia is in a "per capita recession".
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Household spending only rose 0.1% last quarter as families battle high prices and borrowing costs.
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Albanese raised concerns about China's slowing economy in meeting with Chinese Premier Li Qiang.
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Outgoing RBA governor Philip Lowe said fiscal policy by government could provide stronger support than monetary policy. Suggested independent fiscal body.
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