Treasurer likens impact of conflict to recent major shocks, including global financial crisis and Covid pandemic
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Inflation could peak at 5% this year and petrol price hikes continue to slug motorists until 2029, according to new forecasts released by the treasurer, Jim Chalmers.
Ahead of Thursday’s meeting of national cabinet, set to discuss fuel disruptions and economic shocks emanating from the war in Iran, Chalmers released Treasury modelling suggesting a long lasting conflict in the Middle East could see Australia’s GDP 0.6% lower in 2027.
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