Australia's Treasurer Jim Chalmers warned of the significant impact of global economic uncertainty on the Australian economy, especially in China. The Treasury predicts a rise in unemployment and a moderation of inflation. However, Chalmers commended the resilience of Australia's labor market. The country has successfully diversified its exports to reduce its dependence on China, though a failing Chinese economy could still have an impact. China is currently in a rapid economic downturn, facing high youth unemployment and declining export data. The accuracy of official unemployment figures among Chinese youth is questionable, and weaker global trade and geopolitical tensions have contributed to a significant drop in China's export numbers.

The federal opposition attributes its win in the Fadden by-election to the rising living costs under Labor. Cameron Caldwell, a former Gold Coast City councillor, secured the seat for the Liberal National Party (LNP) with a swing of 2.5%. Deputy Prime Minister Richard Marles dismissed the victory as "lethargic," while Treasurer Jim Chalmers argued that the LNP's performance was below expectations considering the seat's affiliation with the party. This win follows the resignation of former MP Stuart Robert due to his involvement in the robodebt scandal.

The Digest, 7/16/2023 @300AM, CDT

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