The federal treasurer warns global growth, combined with a housing downturn in Australia, could affect the economy under a Labor government.

The Reserve Bank of Australia announced interest rates will remain on hold at 1.5 per cent.

Federal Treasurer Josh Frydenberg tells Ross Greenwood the Australian economy is facing a slow down in global growth.

“The fundamentals of the Australian economy are sound.

“It’s not the time to risk Labor and its $387 billion of higher taxes, that would be bad news for the economy.”

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