Opposition leader Peter Dutton has criticized the Australian Labor government’s approach to managing the economy, saying it undermines commercial confidence in the economy.
speak in Press conference On 17 October in Alice Springs, Northern Territory, Dutton called on the government to act more aggressively.
“Yes, in some parts of the world, including the United States, the next 12 months could be dire in the UK as well. [Treasurer] Jim Chalmers needs to stop talking about the Australian economy,” he said. “At the moment Labor is losing confidence. That’s not what we need.”
“The fundamentals of our economy are still very strong. We had a coalition government for nine years and the unemployment rate was the lowest in 50 years. It helped me to do this.”
Dutton declared there was no reason for Australia to join the rest of the world in moving into recession unless Labor decided to either plunge the country into recession or make the economy deficit.
“I think the next 12 to 18 months will be very difficult from an economic point of view, from an energy price point of view. If he continues to trash talk about the economy, it will have inevitable consequences,” the opposition leader said.
Treasurer looking for a resilient budget
Dutton’s comments came as Treasury Secretary Chalmers returned from meetings with his counterparts in the United States, United Kingdom, Canada, India, South Korea, New Zealand, Ukraine, President Biden, BNP Paribas and JP Morgan’s economic advisory boards. I was. , President of the United States Federal Reserve, European Central Bank, World Bank, and International Monetary Fund.
Charmers Said On October 17, his key takeaway was that “the world is starting to take a narrower and more dangerous path when it comes to the prospect of a global recession.”
He said Australia will not be completely immune in the next recession and the government is trying to make the budget as resilient as possible.
Treasurers said stagnant wages and skills shortages, unpredictability in energy markets and problems in the elderly care sector have made Australia more vulnerable to global shocks.
“It is our hope, and certainly our hope, that Australia avoids a recession,” said Chalmers.
“We have a lot going on in this country: we have low unemployment, relatively strong growth, relatively strong demand, and good prices that people around the world are paying for our goods. It has a positive impact on the budget.”
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Victoria Kelly-Clark is an Australia-based reporter focusing on the national politics and geopolitical environment in the Asia-Pacific region, the Middle East and Central Asia.