Jim Chalmers is clearly struggling. He is presiding over an economy that is simultaneously over-heating, with underlying inflation stuck close to 4 per cent, and stalling, as the June national accounts made clear.
In the annals of economic policy mishaps and misadventures, this is quite an achievement for any government. Chalmers’ response to this unfortunate turn of events, which I describe as full-employment stagflation, has been highly revealing.
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