Australian Treasurer Jim Chalmers said on Wednesday: “The slowdown in the Chinese economy and rising interest rates in our country will put significant pressure on the Australian economy, although the country should manage to avoid a recession“. The political official spoke with ABC Radio during the early hours of Wednesday, according to Reuters reports.
The policy maker also said Australia had not been immune to the weak global economy, citing recent events in China as “more worrying”.
“We have seen, especially in its real estate sector, but also in relation to its retail sales and exports, that the Chinese economy has slowed down considerably.. And that’s obviously important to us,” said Australian Treasurer Chalmers.
Source: Fx Street
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