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Story summary
- Treasurer Jim Chalmers warned rising bond yields could wipe out new cost-of-living relief in the upcoming budget.
- Federal debt recently passed $1 trillion, adding billions of dollars of pressure from higher borrowing costs.
- Chalmers said a savings package will be included in the mid-year budget update due in about ten weeks.
- Reserve Bank of Australia raised the cash rate to a 15-year high of 4.6 percent, intensifying fiscal strain.