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It rose to a high of 0.6400, which was the highest level since October 24 of this year. It has risen by more than 3.5% from the lowest level this month.The Australian dollar rose slightly after the new Labor government unveiled its budget. The Treasurer said that the budget represented hard decisions for tough times. He stressed the need to safeguard the country’s fiscal situation while providing support to those in need.
The government allocated A$7.5 billion to support the cost of living in terms of cheaper medical care and paid parental leave. In addition, the government said that it will slash over $22.5 billion of wasteful spending in the next four years. These savings will help to address the national debt, which has risen from $534 billion in 2019 to A$1 trillion.
In his statement, Chalmers said that the Australian economy will soften to 3.25% this year and 1.5% in the following year. He expects that inflation will rise to 7.5% in the fourth quarter of this year.According to the Bureau of Statistics, the headline consumer price index rose from 6.1% in Q2 to 7.3% in the third quarter as the cost of food and energy rose.The closely-watched weighted mean inflation rose from 4.2% to 5% while the trimmed inflation rose from 4.9% to 6.1%.
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