Chalmers pointed to deflation, declining exports, a slump in China’s property market and pockets of concern within its banking sector as among the challenges facing Australia’s largest trading partner.
The Treasurer said official forecasts for the Australian economy released with the latest budget in May predicted a deceleration in growth, but those expectations could weaken further if China substantially slowed. However, the deteriorating outlook for China was unlikely to push Australia into recession, he said.
Economists at Morgan Stanley, JPMorgan Chase & Co. and Barclays Plc are among those that see China missing its official growth target of around 5% this year, as pressures mount within the economy. China has fallen short of delivering broad stimulus but has instead opted for targeted support measures.
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