The Treasurer has doubled down on his warnings of a gloomy outlook for Australia's economy due to wars in Ukraine and the Middle East after meeting with his international counterparts.
Jim Chalmers spent the week with finance ministers from across the world in Washington, DC, gathering for G20, World Bank and International Monetary Fund meetings.
At the end of his visit, he said that while there has been progress with inflation in Australia, caution is still necessary.
"What happens in the Middle East has economic consequences for Middle Australia."
"The biggest risk to the progress that we've made together since the depths of COVID is conflict." he said on Saturday.
"Conflict in the Middle East, conflict in the Ukraine, casting a dark shadow over the global economy right now."
Dr Chalmers had made comments along similar lines during a speech at the G20 finance talks.
"In seeking ceasefire and de-escalation we are focused on the human catastrophe but there are economic consequences too," he said.
But opposition deputy leader Sussan Ley said the treasurer was engaging in "a bit of smoke and mirrors" by attributing inflation to events outside the country.
"He's suggesting the inflation we're seeing at home is because of factors overseas," she told Seven's Sunrise program.
The Treasurer has also met with advisers to both the Republican and Democratic camps ahead of Americans heading to the polls in 11 days.
Dr Chalmers was asked by journalists on Friday what the implications for Australia would be if former president Donald Trump is re-elected and imposes a uniform tariff on all imports.
The treasury has run scenarios to address different kinds of policy, according to Dr Chalmers, but he refused to engage with running commentary.
"We have said more broadly, we've said consistently for some time that Australia is a big beneficiary of open markets."
"We are a big beneficiary of trade, and we want that to continue," he said.
