I'll rewrite this article for you:
Australia's Treasurer Jim Chalmers warned that policies from the new US administration will have a "seismic" impact on the global economy as he prepares to deliver his fourth national budget on Tuesday.
The budget will include extended cost-of-living relief for Australians, with electricity bill subsidies continuing for an additional six months at a cost of A$1.8 billion ($1.1 billion).
While Chalmers anticipates a slight revenue increase in the upcoming budget, he noted that global economic uncertainty following President Donald Trump's return to the White House has "cast a shadow over this budget."
"This is a whole new world of uncertainty that we're dealing with here. The changes out of the US are not surprising, but they are seismic," Chalmers said in a Bloomberg TV interview in Canberra on Sunday. "We've got conflicts in the Middle East and Europe. We've got political uncertainty and division around the world. The budget is designed not just to respond to all of that uncertainty, but to make ourselves more resilient in the face of those external shocks."
Australia must hold elections by May 17, with Prime Minister Anthony Albanese expected to launch his campaign in the coming weeks. His center-left Labor government is tied with the opposition in polls, though there have been slight improvements as the election approaches.
Albanese has faced challenges addressing voters' cost-of-living concerns, including a housing crisis and interest rate increases by the Reserve Bank of Australia to combat inflation. However, with the central bank implementing its first rate cut in four years this February, Chalmers believes the economy is "turning a corner" despite global pressures.
"We've got inflation down, real wages are up and incomes are strengthening. Unemployment is very low by historical standards. We've got the debt down, interest rates have started to come down and now growth is rebounding solidly in our economy as well, led by the private sector," Chalmers said.
Despite Australia's government having pursued pro-industry and green energy policies similar to those of the former Biden administration, Chalmers indicated there would be no new announcements in these areas in the upcoming budget.