Labor to take 'responsible path': Chalmers

Jim Chalmers says the UK's financial crisis is a "cautionary tale" for Labor's October budget. (Mick Tsikas/AAP PHOTOS) (AAP)

Treasurer Jim Chalmers says the financial storm hitting the UK is a "cautionary tale" for the Albanese government's first budget later this month.

Dr Chalmers said no "responsible government could ignore" the deterioration in the global economy, pointing to the UK where Britain's central bank was forced to intervene and buy bonds to avoid a crisis.