Jim Chalmers lauds inflation data, says tariffs | Australian Markets

Jim Chalmers lauds inflation data, says tariffs Jim Chalmers lauds inflation data, says tariffs

Jim Chalmers lauds inflation information, says tariffs | Australian Markets


Treasurer Jim Chalmers has taken a recent shot on the Trump administration’s tariffs, boasting Australia’s decrease rates of interest show mountain climbing import taxes is “bad for the American economy”.

A chipper Mr Chalmers fronted morning reveals on Thursday to spruik the latest inflation information.

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The figures, launched on Wednesday, confirmed the annual inflation charge fell to 2.1 per cent for the June quarter – the bottom charge since 2021.

The outcome has all-but assured the Reserve Bank will cut rates of interest subsequent month.

In his morning appearances, Mr Chalmers was keen to focus on that the progress on inflation got here regardless of “uncertainty” gripping the worldwide financial system.

Much of that uncertainty stems from Donald Trump’s tariffs, which the US President is threatening to proceed mountain climbing.

Asked by the ABC if he was anticipating Australia to be hit with a greater baseline charge, Mr Chalmers stated the Albanese authorities had not “heard differently from the 10 per cent baseline that’s been levied on Australia”.

“Obviously, we continue to engage with the Americans on this,” he informed the national broadcaster.

“It’s one of the main issues playing out in the global economy.

“It’s a major source of uncertainty in the economy, whether it’s what’s been said overnight about India, whether it’s the back and forth between the US and China or the tariffs levied directly on Australia.”

Camera IconTreasurer Jim Chalmers says the Trump administration’s tariffs are ‘bad for the American economy’. NewsWire / Martin Ollman Credit: News Corp Australia

Pressed on whether or not he anticipated that charge to maneuver, he was hesitant to make a call.

“These tariff announcements are a moving feast, but our understanding, our expectation is we get the baseline,” Mr Chalmers stated.

“We think that the best outcome is zero because these tariffs are an act of economic self‑harm.

“We see inflation is going up in the US.

“Earlier in the year they had slowing growth, interest rates on hold again in the US overnight, they’ve got higher interest rates than we do in Australia.”

Mr Chalmers went on to say the “tariffs are bad for the American economy, certainly bad for the global economy”.

“We’re better placed and better prepared than most countries to deal with that, but we won’t be immune,” Mr Chalmers stated.

“We’ll continue to engage with the Americans on it.”

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