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Australia's Budget Warns of Middle East Conflict Impact
Description
Australias latest budget papers warn of potential economic contraction due to Middle East conflict, with unemployment potentially rising to 5% by 2027-28. Treasurer Jim Chalmers emphasizes Australias resilience, but economists worry about budget spending fueling inflation. The budget includes cuts to the National Disability Insurance Scheme to help trim deficits, with underlying deficits improving to $28.3 billion in 2025-26. Oil prices will significantly impact the economys trajectory.
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