Treasurer Jim Chalmers has defended the Albanese government’s cost-of-living relief as responsible despite warnings from the International Monetary Fund that it could fuel inflation, and said the budget will include savings to help tame the resurgence of inflation in Australia.
In its updated World Economic Outlook released on Tuesday night, the IMF warned that the global economy could fall into its third recession this century if oil prices remain elevated due to the closure of the Strait of Hormuz, through which one-fifth of the world’s oil passes.
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