[The Epoch Times, 2 gennaio 2023](Collected and reported by Epoch Times reporter Dai Ning in Adelaide, Australia)Australian treasureThe minister warned that rising interest rates and a new wave of the virus outbreak in China would severely impact Australia’s economy in 2023.
Federal Treasurer Jim Chalmers said Australia would closely monitor the Chinese government’s response to its latest outbreak. At the same time, he warned that Australia “wasn’t immune” from the impending global recession.
Speaking in Queensland on January 2, Chalmers said that while he was “optimistic” about the economic outlook for 2023, the Labor government remained “realistic” about what the next 12 months would look like.
“Most people expect 2023 to be a tough year for the global economy,” he told the media, “it’s impossible for us to be completely immune.”
Chalmers said China’s handling of its latest wave of the virus outbreak, the continued Russian invasion of Ukraine, and the impact of the Reserve Bank of Australia’s continued interest rate hikes will all play a big role in the economic outlook. of Australia for next year.
“This year is not just about preparing, it’s not just about building a buffer for another global recession. It’s about building a better future so that Australians can emerge from this global recession on the right foot.” he has declared. , inclusive and sustainable.”
China’s sudden shift from a zero-zero policy to a “new phase” of living with the virus late last year has triggered a “massive surge” of new cases that has already severely impacted economic activity.
In response, Australia has required travelers from China to undergo mandatory Covid tests, providing a negative test result 48 hours before boarding a flight.
China currently requires arriving travelers to be tested before departure.
Chalmers warned that the fallout from the new policy could have a “substantial” impact on Australia’s economy, given Australia’s heavy reliance on Chinese markets and labor for cheap products. He said analysts expect the surge to get “much fiercer” during China’s transition period (epidemic management policy) and could spill over into supply chains.
The Treasurer also said that another major factor impacting the country’s economic performance is that most Australians will be out of fixed rate mortgages next year: “They will be switching from lower fixed rate mortgages to adjustable rate mortgages higher and they will understand that there is pressure on household budgets”.
Responsible director: Liu Songen
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