After presenting his Ministerial Statement on the economy on Wednesday, Australian Treasurer Jim Chalmers said, “tumbling iron ore prices and a softening labor market have hit government revenue.”
He discussed Australia’s tough fiscal outlook due to weakened trading partner China and a softening job market.
Additional quotes
Leaving a “sliver” of the revenue windfalls that supported the Budget bottom line for the past two years.
“Confident, not complacent” that the worst of the inflation storm had passed.
Market reaction
AUD/USD is unaffected by these comments, keeping its range play intact near 0.6530, as of writing.
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