Key facts
- Opposition parties are accused of wanting higher inflation and interest rate rises.
- Treasurer Jim Chalmers expressed concern about the substantial pressures on people.
Australian Treasurer Jim Chalmers has accused opposition parties, specifically the Liberals and One Nation, of wanting higher inflation and interest rate rises for political advantage. Speaking on the "Canberra Playbook Podcast," Chalmers stated that these parties "desperately want confidence to be low" and "desperately want inflation to be high." He also accused opposition figures Tim Wilson and Barnaby Joyce of attempting to talk Australia into a recession. In a separate but related discussion, Chalmers noted that rising global bond yields are expected to add billions of dollars to pressure on the federal budget due to higher oil prices, inflation, and competition for capital.