Donald Trump’s economic policies could have a “seismic” effect on the world economy, Australia’s Treasurer Jim Chalmers warned Sunday.
As Bloomberg reports, Chalmers, “speaking ahead of his national budget cut to be handed down Tuesday," said the Trump presidency as “cast a shadow over this budget.”
“This is a whole new world of uncertainty that we’re dealing with here,” Chalmers told Bloomberg TV.
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“The changes out of the US are not surprising, but they are seismic. We’ve got conflicts in the Middle East and Europe. We’ve got political uncertainty and division around the world. The budget is designed not just to respond to all of that uncertainty, but to make ourselves more resilient in the face of those external shocks.”
According to Chalmers, despite potential for global turmoil, his country’s own economy is strong.
“We’ve got inflation down, real wages are up and incomes are strengthening. Unemployment is very low by historical standards. We’ve got the debt down, interest rates have started to come down and now growth is rebounding solidly in our economy as well, led by the private sector,” Chalmers said.
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“Australia is due to hold elections by May 17 at the latest,” Bloomberg reports.
Read the full story at Bloomberg.