Skip to content

Australia Will Bank Windfall as China Wobbles, Treasurer Says

  • Chalmers says Pacific nations to get major support in budget
  • Inflation expected to last longer than previously forecast
Bloomberg business news
WATCH: Australian Treasurer Chalmers previews his first Budget, and discusses the impact of China’s economic slowdown on the Australian economy.Source: Bloomberg

Australia will save an unexpected windfall in commodity prices rather than risk spending it and adding to inflation, Treasurer Jim Chalmers said, as concerns grow in Canberra about the economy of its largest trading partner China.

Chalmers will unveil his first budget on Tuesday night, where he will balance delivering on Labor’s spending promises from their May election win, while revealing a worsening economic forecast, including higher rates of inflation for longer than expected.