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Public financeDEVELOPING

Chalmers prepares further budget cuts but says Australia should avoid recession

Australian Treasurer Jim Chalmers said global economic pressures are intensifying but the government is not anticipating a recession at home. Officials are seeking further savings before the December mid-year budget update, after the May budget identified A$44.9bn in cuts over four years.

  • Jim Chalmers said Australia was not anticipating a recession despite intensifying global economic pressure.
  • The government is seeking further savings before the December update after A$44.9bn in cuts were identified.
1 sources50% confidence
The Guardian World
financeDEVELOPING

Bond-market instability: US 10-year yield at 4.8% and global knock-on effects

Over the past fortnight government bond markets in major economies have been volatile, with the US 10-year Treasury yield rising to 4.8%. The move coincides with US government debt topping $40tn, inflation worries after renewed Middle East hostilities, and large borrowing by major AI hyperscalers.

  • US 10-year Treasury yield hit 4.8% on Friday; 30-year yields reached highs not seen since 2008.
  • Total US government debt has passed $40tn, with deficits forecast around 6% of GDP.
1 sources91% confidence
The Guardian Business