Treasurer Jim Chalmers has been warned that increased tensions in the Middle East, weakness in the Chinese economy, and global market volatility will lead to greater economic uncertainty at home ahead of the May budget.
“Conflict in the Middle East, weakness in the Chinese economy, and volatile international markets all heighten the risks for the global economy, and we will not be immune from any further deterioration.”This week, the Expenditure Review Committee will spend two days finalising the big details of the budget before the treasurer heads to the US.
“Geopolitical tensions have supported flight‑to‑quality demand for gold, which has increased by almost 10 per cent over the past month and by 18 per cent since mid-February,” the briefing said.following the death of senior Iranian officers, and the Treasury briefing noted that concerns of a potential broadening in the conflict and disruption to oil supply saw benchmark oil prices recently reach six-month highs.
IMF managing director Kristalina Georgieva last week said the global economic environment was becoming more challenging.
Source: News Formal (newsformal.com)
Treasurer Jim Chalmers Middle East Tensions Chinese Economy Economic Uncertainty Global Market Volatility Australian Economy Record Gold Prices Oil Costs Geopolitical Uncertainty International Meetings
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