Australia Treasurer, Jim Chalmers, predicts July 1 tax cuts won't worsen inflation amidst a cost-of-living squeeze and high inflation rates (4.0% in May).

Australia Treasurer, Jim Chalmers, stated on Sunday that he is confident the July 1 tax cuts will not worsen inflation, as the country faces a cost-of-living squeeze and persistently high inflation rates. The consumer inflation rate reached 4.0% in May, increasing the likelihood of another interest rate hike from the Reserve Bank of Australia.

June 30, 2024
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