IMF urges Australian government to cut spending as another interest rate hike looms

Warning comes as forecast for nation’s economic growth downgraded amid concerns over rising debt and inflationFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe International Monetary Fund has called on Australia’s federal and state governments to cut spending as it warns the Reserve Bank may have to hike interest rates further to get price pressures back under control.More disciplined budgets would rein in rising debt burdens and help solve Australia’s long-running inflation problem, the IMF said in a new report, as it downgraded its forecast for Australia’s economic growth in 2027. Continue reading...