Jim Chalmers warns of ‘confronting’ inflation and wages forecast in July economic update

Treasurer says rising interest rates will affect economic growth but Labor has plans to provide cost-of-living support

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Australia's July economic update will contain confronting" news about lower growth projections and higher inflation cutting real wages, Jim Chalmers has said.

The treasurer said the update to be delivered on Thursday 28 July comes as the global economy is in a difficult if not dangerous place" due to high debt and rising interest rises to combat inflation.

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