It comes hard on the heels of an unprecedented time of economic uncertainty triggered by a global pandemic, a war in Europe and natural disasters at home.
He says a deteriorating global outlook, high inflation and energy prices, and rising interest rates are all affecting the economy, and Australia’s best defence is a Budget that is solid, sensible and suited to the conditions.
The Treasurer says intense and frequent flooding, a substantial global economic slowdown, high inflation and rising interest rates have all contributed to widespread skills shortages and falling real wages.
And he says the Budget is burdened by one trillion dollars of debt and persistent structural deficits.
