Labor defends economic track record as sluggish growth and rising unemployment are expected for the Australian economy. The IMF forecasts 1.2% growth for 2024, picking up to 2.1% in 2025. Inflation is projected to hold at 3.3% throughout 2024 and 2025. The UN's financial agency declares that the global battle against inflation has largely been won, but downside risks such as escalating conflicts and oil price surges remain. Australia is not immune from global volatility and vulnerability, says Treasurer Jim Chalmers ahead of G20 finance ministers' talks.