Jim Chalmers Calls US-Iran War Economic Disaster

Australian Treasurer Jim Chalmers characterized the war between the United States and Iran as an economic "disaster" during a Sunday appearance on ABC News' Insiders program.

Chalmers stated that the conflict in the Middle East has driven up inflation and borrowing costs globally, which has contributed to a higher cost of living for Australians and people worldwide. He warned that the war is damping global growth and creating substantial upward pressure on inflation, identifying these factors as the primary drivers for rising interest rates across the globe.