Chalmers lies about Trump tarifflation hit to Australia

The greatest parliamentary liar of our times, Treasurer Jim “chicken” Chalmers, is lying again, this time about the Trump boogieman.

Jim Chalmers will use new OECD and Treasury forecasts to amplify major risks to Australia’s economic recovery ahead of next week’s budget, with the Paris-based organisation warning that global inflation will stay higher for longer and growth will take a hit as the US and China drag down the world economy.

The OECD outlook released on Monday night revised up global inflation forecasts and downgraded GDP growth projections in 2025 and 2026, linking the slowdown to higher trade barriers and increased geopolitical and policy uncertainty.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.