Australian Treasurer Jim Chalmers warns that Ex-Tropical Cyclone Alfred and Donald Trump’s tariffs will impact the federal budget, potentially causing a $1.2 billion hit to GDP and increasing inflation. Chalmers also expresses concerns about global trade wars, stating that indirect effects of tariffs could be up to four times larger than direct impacts. Despite this, Chalmers rules out reciprocal tariffs against the US and will present the federal budget on March 25.
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Unemployment to hold steady as pay packets swell
Australia's unemployment rate is expected to remain steady at 4.1% with the addition of about 20,000 jobs in May, following a significant rise in April. Meanwhile, advertised salaries have increased by 3.6% year-on-year, though May's growth was just 0.2%, indicating a tightening job market and real wage gains, as noted by Treasurer Jim Chalmers in anticipation of potential tax reforms. Need More Context? 🔎
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