Chalmers admits business must pull Australia out of growth slump

Treasurer Jim Chalmers says the private sector must ultimately pull Australia out of its worst economic slump since the 1990s recession, even as economists and business leaders blame his government for discouraging investment and prolonging the pain with record spending.

With surging public spending propping up an otherwise moribund economy in September, the Organisation for Economic Co-operation and Development on Wednesday warned state and federal governments would need to rein in their spending in coming years and put their finances back on a sustainable footing.