Australia might be able to avoid a recession, if the Treasurer’s predictions are correct

In Australia, Treasurer Jim Chalmers says the country will avoid a recession, but there are still tough times ahead.

As global economies continue to crumble, Australia’s Treasurer has optimism about the nation’s prospects of escaping a recession.

Speaking on the ABC, Jim Chalmers says he does not believe Australia is headed for its first recession since the 1990s.

The Treasurer concedes countries including the UK and the U.S. are at risk and this will have an impact down under, but it won’t be disastrous.

This is in line with comments made by the Reserve Bank of Australia back in September.

Chalmers says getting inflation under control is key to the country avoiding a recession, but warns painful times are still ahead.

This comes as the government attempts to tackle rising energy prices before Christmas.

He’s not ruling out subsidies or changes to how energy companies are being taxed if situation does not improve.

But the current focus still remains on changes to regulations, which includes price caps.

Data suggests Australian energy bills will rise by up to 56 per cent over the next two years. As residents begin to feel the pinch.