Australian Finance Minister Jim Chalmers said that China's economic slowdown and the rise in domestic interest rates in Australia will put great pressure on the country's economy.
According to Reuters, Chammers told the Australian Broadcasting Corporation (ABC) Radio on Wednesday (September 6) that Australia failed to exempt the global economic weak influence, but China ’s largest trading partner China recently recentlyThe incident is "the most worrying."
The Chinese economy has slowed down after the epidemic. Although the official has launched a series of support measures to revive the economy, the demand at home and abroad has weakened, the real estate crisis has deepened, and the pressure of growth has increased.
Chammer said: "We have seen that the Chinese economy has slowed significantly, especially in the real estate industry, as well as the retail industry and exports. This is obviously important for us."
He said that the situation in China with the rise in interest rates in Australia is putting huge pressure on the Australian economy.
Chammer said that despite the strong labor market and service exports in Australia and healthy budgets, the Australian economy still faces huge challenges.But he believes that Australia should be able to avoid economic recession.
Australia recorded its first budget surplus in 15 years in 2022/23, but as a series of interest rate hikes slowed down, it is expected to re -fall into a deficit this year.
Australian Reserve Bank on Tuesday (September 5) for the third month to maintain interest rates at 4.10%for the third consecutive month, but reiterates that further tightening policies may be tightened to curb inflation.
