Jim Chalmers eyes government spending cuts but faces internal party pressure to outlay more as Melbourne Cup day interest rate decision looms

If there was a data point that summed up the rough politics facing Labor on the economy this week, it came from KPMG’s chief economist, Brendan Rynne.

After headline inflation rose to 4.3% on Wednesday, Rynne noted the compounding effect on households and businesses around the country.

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