Australian Treasurer Chalmers: Rising bond yields will put pressure on Australia's fiscal budget.

Australian Treasurer Jim Chalmers warned on Tuesday that rising global bond yields will put pressure on Australia's budget, as the broad-based selloff drives up the cost of refinancing debt. In a media interview, Chalmers said: "Around the world, including in Australia, rising borrowing costs will show up in national budgets." He said: "Unfortunately, one of the major upward pressures on the budget is that some low-cost debt is maturing and needs to be replaced with new debt at higher cost." He added that the national budget will be updated before the end of the year to incorporate the impact of rising borrowing costs.