Treasurer Jim Chalmers says Australia’s economy is in a strong position to withstand global uncertainty, following the release of the latest national accounts figures.
Speaking at Parliament House in Canberra, Chalmers said the December quarter data showed economic growth stronger than that recorded in other major advanced economies.
He said the figures provide a solid foundation as global volatility intensifies due to escalating hostilities in Iran and across the Middle East.
Chalmers noted that private demand is strengthening, while defence spending contributed significantly to public demand during the December quarter.
Despite the positive economic indicators, the Treasurer warned the economic impacts of the growing conflict in the Middle East could be substantial.
He said the government is closely monitoring developments across several markets, including oil, gas, travel and fertilisers.
Chalmers also confirmed he is participating in daily meetings of the national security committee to assess the evolving situation.
The Treasurer said the conflict and global uncertainty are influencing the government’s preparations for the upcoming federal budget in May.
Separately, Chalmers wrote to the Australian Competition and Consumer Commission asking it to monitor petrol pricing behaviour as fuel markets respond to the conflict.
He warned that service stations should not exploit motorists during periods of price volatility.
Chalmers also rejected calls to reduce the fuel excise, which currently sits at 52.6 cents per litre, and criticised opposition comments suggesting the tax rises automatically when petrol prices increase.
