Australia’s Chalmers blames US-Iran war for higher inflation and borrowing costs

Australian Treasurer Jim Chalmers called the U.S.-Iran war an economic "disaster," blaming the conflict for higher inflation and borrowing costs while warning it is weighing on global growth. Chalmers said the conflict's higher costs are pressuring Australians and consumers globally, contributing to elevated interest rates. He declined to advise President Trump on ending the war but said an end "can't come soon enough," following Australia's central bank raising rates to a 15-year high. Chalmers rejected claims government spending drove inflation, noting spending growth had slowed. He warned rising global bond yields would add billions to debt-servicing costs, and he planned to meet Japan's finance minister to discuss energy prices and economic resilience.