Jim Chalmers in a speech last week offered the scant encouragement that the economy would be “a bit better” in a year’s time.

Fast forward to Friday morning, and the treasurer revealed that his officials were busy downgrading their forecasts ahead of December’s mid-year budget update to show slower growth and higher unemployment.

In other words, things are getting worse, not better.

Overnight, a broadening Middle East conflict pushed the global benchmark oil price to US$113, and within sight of its April high of nearly US$120.

Motorists are paying 60 cents more for a litre of petrol prices than they were before the US and Israel attacked Iran. That’s an extra $36 to fill up a 60-litre tank.…