Australian Economy Faces Slower Growth and Higher Unemployment

• Australian Treasurer Jim Chalmers predicts slower growth than the 1.75% forecast in May's budget.
• The slowdown is attributed to a series of rate hikes and rising inflation.
• The midyear budget update will project weaker growth and higher unemployment.
• Economists warn of a challenging six months ahead for the Australian economy.
• The Treasury is revising economic numbers for the midyear budget update.