The Aussie economy could be in for a period of prolonged difficulties, with the Treasury pointing to tensions in the Middle East, China’s economic troubles, and broader global economic issues as big problems. Treasurer Jim Chalmers will soon head to Washington for International Monetary Fund/World Bank/G20 finance minister meetings, where these challenges will be a hot topic. Chalmers has already hinted at a multi-billion-dollar revenue shortfall in the upcoming Federal Budget that will be delivered on 14 May, mostly thanks to a slump in iron ore prices. “This is one of the reasons why we expect much, much smaller revenue upgrades in the Budget than we’ve become accustomed to,” Chalmers said. New to that whole show will be Liberal Simon Kennedy – he won the federal seat of Cook with 70% of the vote on Saturday.