Jim Chalmers has minimized concerns about a potential economic downturn in Australia, stating that neither the Reserve Bank of Australia (RBA) nor the government is forecasting a recession. Following a recent interest rate hike to 4.1 percent, RBA Governor Michele Bullock acknowledged that controlling inflation might require difficult measures, but emphasized that a recession is not desired. Chalmers stated the upcoming May budget will address rising inflation, currently at 3.8 percent, while he also noted ongoing discussions regarding capital gains tax reform.
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