Chalmers says global economic turmoil will drive budget cuts, but Australia should avoid recession

Treasurer says ‘very substantial and intensifying pressure’ on federal budget as he points finger at private sector for driving up inflation amid Middle East conflict Jim Chalmers has warned of “very substantial and intensifying” economic pressures on the horizon but insists he’s not planning for a recession, as he prepares to find new ways to cut the budget ahead of its mid-year update.