Tough choices needed to keep Australian economy on track for growth

October 14, 2026 — 5:00am

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Facing increasingly strident accusations that Labor has broken the Australian economy, the unpalatable truth facing Prime Minister Anthony Albanese and Treasurer Jim Chalmers is their relative powerlessness to stem criticisms because the big wheels of the economy are set internationally.

The International Monetary Fund has warned that the good luck that helped the world economy overcome the turmoil caused by the US-Israel war against Iran could soon run out.

Meanwhile, Chalmers has forecast a year of economic turmoil, pushing out Labor’s timeline to call the next election, and warned progressives not to sneer at voters feeling pain and shifting to One Nation.

A cost of living tsunami........

© The Sydney Morning Herald