Treasurer Jim Chalmers says local recession risk unlikely amid fears of Chinese economic contagion

News Snapshot:

The downturn in China’s economy is a major concern for Australia, although it’s unlikely to trigger a local recession, Treasurer Jim Chalmers has said. A slew of recent data suggest that China - Australia‘s largest trading partner - is now on the brink of a financial crisis. However, asked if China’s financial tremors could trigger an Australian recession, Dr Chalmers said that while growth would slow, a local contraction in economic activity was not expected to happen. “That's not the conclusion that I’ve reached,” Dr Chalmers told Sky News on Sunday. While the slowing Chinese economy will weigh on Australia,...