Australia looks to trim spending as slowdown looms

Government seeks to boost wages; planned tax cuts for top earners off limits

20221024 Australia Economy

Shoppers look at produce at a shopping center in Sydney on July 27. © AP

PRASHANT MEHRA, Contributing writer

SYDNEY -- Australia's new government will walk a tightrope with its first budget on Tuesday as it endeavors to balance key election promises against spiraling debt and a looming global slowdown.

The country's commodities-heavy economy this year won an export bonanza from COVID-triggered supply chain disruptions and the Russia-Ukraine conflict, shipping everything from iron ore and natural gas to coal and wheat.

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