Treasurer Jim Chalmers will tell Parliament that Australians are paying the price of a ‘‘wasted decade’’ as the economy is dealt a massive blow by fast-rising interest rates and slowing global growth.
In a ministerial statement to Parliament to be presented on Thursday, Dr Chalmers will say that current economic headwinds are set to slash Australia’s economic growth by half a percentage point last financial year and the same amount again in the current and following financial years.
