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Treasurer Jim Chalmers downgrades mid-year budget by more than $100 billion in major blow to Albanese government

Treasurer Jim Chalmers has announced a significant downgrade to Australia's mid-year budget, slashing more than $100 billion from the economic forecasts. This adjustment reflects a more cautious outlook on economic growth, with expectations now set at 1.5% for the current financial year, down from an earlier prediction of 3.25%. The revision comes amidst global economic uncertainties, including the ongoing effects of the Ukraine conflict, supply chain disruptions, and rising inflation. Chalmers highlighted that these changes are necessary to provide a realistic view of the economic challenges ahead, potentially impacting the Albanese government's fiscal strategy and its ability to deliver on promised initiatives. This budget update also includes a reduction in expected tax receipts and an increase in spending on social services, aiming to support Australians facing cost-of-living pressures.

Read the Full Sky News Australia Article at:
[ https://www.skynews.com.au/australia-news/politics/treasurer-jim-chalmers-downgrades-midyear-budget-by-more-than-100-billion-in-major-blow-to-albanese-government/news-story/55fa4c1ccad2eb5a851a73d2f8d1fad7 ]