Australian Treasurer Chalmers: Not expecting recession in 2023

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Australia’s Treasurer Jim Chalmers said on Wednesday, they are not foreseeing a recession for the Australian economy despite a potential downturn.

“The expectation of the Treasury forecasters is higher interest rates combined with difficult global conditions will slow our economy considerably, but they don’t expect at this point a recession here in Australia.”

“There is of course, as the RBA governor acknowledged in the statement yesterday, the fact that when interest rates go up, people with a mortgage feel it immediately but the impact on the economy takes a little while to flow through.”

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