Treasurer Chalmers Warns of Weaker Growth and Rising Unemployment Ahead of December Budget Update

Australia's economic outlook is deteriorating as the Treasury downgrades its projections ahead of December's mid-year budget update. Australian Treasurer Jim Chalmers warned of slower economic growth and rising joblessness amid sticky inflation, tight monetary policy, and cooling activity. Unemployment reached 4.7% in September, a near five-year high. Meanwhile, global benchmark crude oil climbed to $113 per barrel amid Middle East tensions, increasing retail petrol prices by 60 cents per litre. Despite weakening economic momentum, markets have priced in a nearly 60% probability of an RBA interest rate hike on November 3.