Jim Chalmers is putting a positive spin on the economy, but is the outlook for Australia grim?

<p>The economy was slowing even before the Middle East conflict and interest rate hikes started to bite, while the boom in datacentres was a rare bright spot</p><ul><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>The economy slowed sharply in early 2026 and Australians’ living standards are once again going backwards.</p><p>At the risk of upsetting the treasurer by “talking down the economy”, as he put it, there wasn’t all that much to love in the latest national accounts.</p> <a href="https://www.theguardian.com/business/2026/jun/03/australia-economic-outlook-economy-gdp-growth-jim-chalmers">Continue reading...</a>