Treasurer Says Australian Economic Conditions ‘Soft’ Amid Recession Fears

Federal Treasurer Jim Chalmers says the current economic conditions are “soft” amid concerns the country could be in recession. Chalmers told reporters on Aug. 1 that the economy was under pressure. “I certainly understand that people’s experience of the economy right now is an economy which is soft and people are under pressure,” he told reporters. “You know, we’ve had these interest rate rises in the system already putting people under pressure and slowing the economy, and we’ve got other issues as well, a lot of global economic uncertainty. And those things combine to create an economy which is pretty soft.”...