Treasurer Says Australians Under ‘Substantial Pressure’ as Economy Underperforms

Australia’s economic growth has been sluggish for several quarters now.

Australian Treasurer Jim Chalmers speaks to the media during a press conference at Parliament House in Canberra, Australia on Nov. 21, 2024. AAP Image/Lukas Coch

Treasurer Jim Chalmers has acknowledged that the economy is weaker than anticipated as new figures revealed the country’s sluggish growth.

“Even as we make welcome progress in some of the key economic indicators, inflation coming down, wages growing, the tax cuts rolling out, we know that people are still under substantial pressure,” Chalmers told Sky News as he spoke on the latest national data.

The Australian economy expanded by 0.3 percent in the September quarter, marking a slight improvement over the 0.2 percent growth in the previous three months.