Jim Chalmers faces a world of hard choices where the solution to one problem makes the other worse

High inflation, low growth and rising unemployment can be added to the federal treasurer's wall of worries

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Jim Chalmers in a speech last week offered the scant encouragement that the economy would be a bit better" in a year's time.

Fast forward to Friday morning, and the treasurer revealed that his officials were busy downgrading their forecasts ahead of December's mid-year budget update to show slower growth and higher unemployment.