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The Motley Fool’s Chief Investment Officer Scott Phillips says it is clear Australia’s economy is going to “weaken”.

“It is probably a good time for a budget because the economy is doing reasonably well up to this point,” he told Sky News Australia.

“Inflation, of course, is super high and people are struggling with interest rates and so I don’t want to minimise that but the reality is GDP is growing, unemployment is low, government coffers are full – this is where we have been.

“The where we are going story is the really big one because we all know the economy is going to weaken.”