Treasurer Jim Chalmers has been warned about the impact of increased tensions in the Middle East, weakness in the Chinese economy, and global market volatility on the Australian economy. The Department of Treasury briefing note highlights the fragility of the economic environment, with record gold prices and surging oil costs adding to the uncertainty. Chalmers will discuss these issues at upcoming international meetings.
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.
Treasurer Jim Chalmers Middle East Tensions Chinese Economy Economic Uncertainty Global Market Volatility Australian Economy Record Gold Prices Oil Costs Geopolitical Uncertainty International Meetings
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Middle East crisis live: Hamas emboldened to reject ceasefire proposal after UN vote, Israel claimsIsraeli foreign minister says vote told Hamas ‘you don’t have to hurry’ as group rejects latest deal offer
Read more »
Middle East crisis live: Israel says 170 Gaza gunmen killed in hospital raidTroops have been combing through the al-Shifa hospital in Gaza City since Monday
Read more »
Ukraine sends aid to Middle East, Africa in soft-power move against RussiaEven as the war-torn nation defends its homeland against the Russian invasion, it is delivering major shipments to vulnerable populations.
Read more »
Ukrainian grain sent to Middle East, Asia in soft-power move against RussiaEven as the war-torn nation defends its homeland against the Russian invasion, it is delivering major shipments to vulnerable populations.
Read more »
Middle East crisis live: Marwan Issa, key Hamas organiser behind 7 October attacks, killed, says USWhite House national security adviser Jake Sullivan said Issa had been killed last week in an Israeli operation
Read more »