Australian Treasurer Jim Chalmers has warned that the outcome of the US midterm elections, held on Wednesday Australian time, could have major economic consequences, particularly for the war in the Middle East. Opinion polls tip the Democrats to end Republican control of both houses of Congress, with criticism of President Donald Trump's actions in the war with Iran and rising living costs giving them a lead in traditionally Republican states such as Texas, Iowa and Kansas. If Democrats control either chamber, they could limit Trump's ability to pass legislation or block key appointments, and launch investigations into his administration. Chalmers said Americans face many of the same pressures as Australians, including inflation, and that fuel prices in Australia have surged with inflation above four per cent. The rising inflation could lead the Reserve Bank to raise interest rates for the fifth time in 2026, pushing the cash rate to an 18-year high.
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Original headline: US midterms to bring big economic consequence home
Read the original on theleader.com.au ↗
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