Before going into more detail about tax changes, Chalmers spends some time outlining Treasury\u2019s forecasts for fuel and inflation.<\/p>\n
The price of oil, he says, is forecast to stay around $100 a barrel until the end of next month, falling to $80 by the end of June next year.<\/p>\n
\u201cOn that assumption, [oil] would still be above its pre-conflict price in 12 months\u2019 time.\u201d<\/p>\n
Because of this, Treasury is forecasting inflation to peak around 5 per cent in the middle of next year.<\/p>\n
Treasury has also modelled a more severe scenario in which the oil price peaks at $200 and takes three years to fall back down. Australia would avoid a recession in this case, according to Chalmers, but unemployment would spike to pre-pandemic levels and inflation would peak above 7 per cent.<\/p>\n
The Albanese government previously announced it would spend billions boosting Australia\u2019s fuel and fertiliser reserves.<\/p>\n","protected":false},"excerpt":{"rendered":"Before going into more detail about tax changes, Chalmers spends some time outlining Treasury\u2019s forecasts for fuel and…\n","protected":false},"author":2,"featured_media":665354,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[43,44,41,39,42,40],"class_list":["post-665749","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/665749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=665749"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/665749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/665354"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=665749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=665749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=665749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}