Australian Treasury Secretary Jim Chalmers warned on Tuesday that higher global bond yields will put pressure on the Australian budget, and this round of widespread sell-offs will drive up debt refinancing costs. In an interview with the media, Chalmers said, “Globally, including Australia, rising borrowing costs will be reflected in countries' budgets.” He said, “Unfortunately, one of the major upward pressure on the budget is that after maturing, some low-cost debts need to be replaced with new, higher-cost bonds.” He added that the national budget will be updated before the end of the year to include the impact of rising borrowing costs.

Australian Treasury Secretary Jim Chalmers warned on Tuesday that higher global bond yields will put pressure on the Australian budget, and this round of widespread sell-offs will drive up debt refinancing costs. In an interview with the media, Chalmers said, “Globally, including Australia, rising borrowing costs will be reflected in countries' budgets.” He said, “Unfortunately, one of the major upward pressure on the budget is that after maturing, some low-cost debts need to be replaced with new, higher-cost bonds.” He added that the national budget will be updated before the end of the year to include the impact of rising borrowing costs.