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Reuters

The Australian economy is likely to avoid a recession despite the world economy being in “a dangerous place right now”, Treasurer Jim Chalmers said on Tuesday, ahead of the government’s first budget in two weeks.
Speaking to reporters, Chalmers warned the global economy was heading for a substantial downturn and Australia would not be “immune” from that.
However, it was not the government’s expectation that Australia’s economy will go backwards.
“The budget that I hand down … won’t have an expectation or a forecast that the Australian economy falls into recession,” he said.
Soaring US dollar sends Asian currencies reeling – but not Singapore’s
Aggressive rate hikes to curb runaway inflation, continuing high food and energy prices and geopolitical risks from Russia’s war in Ukraine have heightened concerns for global recession in the months to come.
Both the World Bank and International Monetary Fund on Monday warned of a growing risk of global recession, citing concerns about slowing growth in advanced economies and currency depreciation in many developing countries.
Mindful of the economic strains already in the domestic economy with households under pressure and business grappling with rising costs, the Reserve Bank of Australia last week unexpectedly slowed the pace of rate hike with an increase of 25 basis points, after four outsize moves of 50 bps.


The RBA also warned of rising financial stability risks, which would be “magnified by a further substantial tightening in global financial conditions.”
Chalmers said inflation, the global economy and spending pressures are the three most important factors which would provide the backdrop for the budget, which will be unveiled on October 25. This will be the Labor government’s first budget after winning the election in May.
“We can expect substantial downgrades to the global growth outlook in the budget,” said Chalmers. “It won’t be fancy. It won’t be flashy. It will be responsible. It will be solid.”


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Australia

Australia may dodge recession despite global economy in ‘danger’, minister says

Diners at a cafe in Sydney. File photo: Bloomberg

Australian Treasurer Jim Chalmers. Photo: EPA-EFE

Soaring US dollar sends South Korea, Thailand, Philippines, Japan reeling. But Singapore’s currency is still holding up

A customer queuing at a money changer shows his Singapore dollar banknotes. Photo: EPA-EFE

A customer queuing at a money changer shows his Singapore dollar banknotes. The city state has emerged as an outlier in a sea of ailing Asian currencies. Photo: EPA-EFE

The Malaysian ringgit fell against the US dollar this year to levels not seen since the Asian financial crisis of the late 1990s. Photo: Reuters

An electronic signboard shows the Korean won trading at 1,403.00 to the US dollar. The currency recently sank below the 1,400 mark against the dollar for the first time in more than 13 years. Photo: EPA-EFE

Drivers push their auto rickshaws to a petrol station to buy fuel in Sri Lanka earlier this year. Photo: Reuters

A shopper looks at fresh produce in a supermarket in Tokyo. Japan’s inflation rate recently hit a 31-year high. Photo: AFP

The headquarters of the Monetary Authority of Singapore, the city state’s central bank, which made pre-emptive policy moves to keep pace with inflationary pressure. Photo: Reuters

A bumpy 2023 ahead as US Fed eyes higher rates amid inflation, supply chain woes

A tanker loads its cargo of LNG  from the Sakhalin-2 project in the port of Prigorodnoye, Russia. The Euro zone is widely expected to enter a technical recession later this year, as its heavy dependence on Russian natural gas sent energy prices through the roof. Photo: AP

Fed chair Jerome Powell has said the Fed will continue to raise key rates, possibly even at a quicker pace, to stop inflation from becoming unanchored – even if it means sending the US economy into a recession. Photo: AP

People line up to get a swab at a nucleic acid testing station in Beijing, China. China’s zero-Covid policy has derailed everything from industry, local consumption to global consumption. Photo: Reuters/File

‘Inflation jihad’, cash handouts: Can Singapore, Malaysia and other Asian countries soften the blow of rising prices?

A fruit vendor in Depok, Indonesia. Photo: EPA-EFE

A customer browses supermarket shelves in Bangkok. Global food prices are surging. Photo: Reuters

People browse meat for sale at a wet market in Shah Alam, Malaysia. Photo: Bloomberg

Motorists in a traffic jam in Jakarta on Tuesday. Indonesia’s  government sets broad price policy on subsidised items such as fuel, electricity and public transport. Photo: Xinhua

A customer interacts with a chicken vendor at a wet market in Malaysia. The country imposed a ban on chicken exports this month amid a domestic shortage. Photo: Bloomberg

Protesters in Manila stage a rally calling on new Philippine President Ferdinand Marcos Jnr to bring down the price of rice. Photo: AFP

Shoppers on Singapore’s Orchard Road. The city state’s key inflation indicator has trended higher than expected on the back of steeper food and utilities prices. Photo: Bloomberg

Singapore Deputy Prime Minister Lawrence Wong, who is also the finance minister. Photo: EPA-EFE

People browse discounted clothes at a store in Bangkok last month. Photo: EPA-EFE

Locals and tourists watch a sunset on Phuket Island in April. Thailand is hopeful that tourism’s post-pandemic rebound will help the economy. Photo: Reuters

News

Asia

Australasia


It was not the government’s expectation that Australia’s economy will go backwards, Treasurer Jim Chalmers said ahead of his first budget
Aggressive rate hikes to curb runaway inflation and geopolitical risks from the Ukraine war have heightened concerns for global recession in the months to come



It was not the government’s expectation that Australia’s economy will go backwards, Treasurer Jim Chalmers said ahead of his first budget.


World Bank Group

International Monetary Fund (IMF)