{"id":1682452,"date":"2022-10-10T22:51:46","date_gmt":"2022-10-11T02:51:46","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1682452"},"modified":"2022-10-10T22:52:47","modified_gmt":"2022-10-11T02:52:47","slug":"australia-hopes-to-fend-off-recession-despite-global-economic-dangers-treasurer","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/australia-hopes-to-fend-off-recession-despite-global-economic-dangers-treasurer\/","title":{"rendered":"Australia hopes to fend off recession despite global economic dangers-Treasurer"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Faustralia-hopes-to-fend-off-recession-despite-global-economic-dangers-treasurer%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1682452&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>SYDNEY (Reuters) \u2013     The Australian economy will likely avoid a recession despite the world economy being in \u201ca dangerous place right now\u201d, Treasurer Jim Chalmers said on Tuesday, ahead of the government\u2019s first budget in two weeks. <\/p>\n<p>Speaking to reporters, Chalmers warned the global economy was heading for a substantial downturn and Australia would not be \u201cimmune\u201d from that.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>However, it was not the government\u2019s expectation that Australia\u2019s economy will go backwards. <\/p>\n<p>\u201cThe budget that I hand down \u2026 won\u2019t have an expectation or a forecast that the Australian economy falls into recession,\u201d he said.  <\/p>\n<p>Aggressive rate hikes to curb runaway inflation, continuing high food and energy prices and geopolitical risks from Russia\u2019s war in Ukraine have heightened concerns for global recession in the months to come.<\/p>\n<p>Both 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.<\/p>\n<p>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 outsized moves of 50 bps. <\/p>\n<p>The RBA also warned of rising financial stability risks, which would be \u201cmagnified by a further substantial tightening in global financial conditions.\u201d<\/p>\n<p>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 Oct. 25. This will be the Labor government\u2019s first budget after winning election in May. <\/p>\n<p>\u201cWe can expect substantial downgrades to the global growth outlook in the Budget,\u201d said Chalmers. \u201cIt won\u2019t be fancy. It won\u2019t be flashy. It will be responsible. It will be solid.\u201d<\/p>\n<p> (Reporting by Renju Jose and Stella Qiu; Editing by Tom Hogue and Lincoln Feast)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/australia-hopes-to-fend\/attachment\/g20-finance-ministers-central-bankers-and-senior-officials-meet-in-3\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9A01T-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9A01T-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SYDNEY (Reuters) \u2013 The Australian economy will likely avoid a recession despite the world economy being in \u201ca dangerous place right now\u201d, Treasurer Jim Chalmers said on Tuesday, ahead of<\/p>\n","protected":false},"author":66,"featured_media":1889668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1682452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/australia-hopes-to-fend\/?utm_source=rss&utm_medium=rss&utm_campaign=australia-hopes-to-fend","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1682452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1682452"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1682452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889668"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1682452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1682452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1682452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}