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Major warning for Federal Government to curb spending
Governments are being urged to cut unnecessary spending and avoid indiscriminately spraying cost-of-living support as oil prices surge. In a snap report prompted by the Middle East conflict, the Organisation for Economic Co-operation and Development (OECD) upped its inflation forecast for Australia in 2026 to 4.1 per cent, from 2.7 per cent in December. The OECD backed Treasurer Jim Chalmers’ pledge to cut spending in the upcoming budget, exhorting governments to rein in persistent budget deficits. Given rising budget pressures, such as ageing populations and increasing defence
