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Australia news live: Westpac and NAB raise interest rates in response to RBA move

Treasurer Jim Chalmers speaks at a press conference

Chalmers foreshadows ‘responsible’ budget in ‘difficult time’ for economy

Treasurer Jim Chalmers speaks at a press conference
Treasurer Jim Chalmers at a press conference following the latest RBA rate rise. Photograph: Mick Tsikas/AAP

The treasurer, Jim Chalmers, says the three most important pieces of context before the budget are rising inflation and interest rates, the deteriorating global outlook, and structural pressures on the budget.

As we do finalise the budget, we will put a premium on what is responsible, what is affordable, what is…


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