Australia to reveal economic plan for deteriorating outlook

CANBERRA, Australia: Australia’s new government will propose an economic plan Tuesday to steer the nation through rising inflation and interest rates while reigning in debt.
Treasurer Jim Chalmers will deliver his center-left Labour Party’s first annual budget for the fiscal year that began in July. It will be the first budget by a Labor government in nine years and must contend with unprecedented levels of debt as a result of the COVID-19 pandemic.
Chalmers said rising inflation was the primary influence on how he drafted his economic blueprint.