Australian Treasurer Jim Chalmers will warn of softer economic growth and higher unemployment as interest rates remain high and inflation proves stubborn, according to excerpts of a speech that was reviewed by Reuters on Thursday.

Chalmers is due to deliver an address at the Citi A50 Economic Forum in Sydney on Friday. Here are some details:

The Treasury was in the process of revising its economic forecasts for its mid-year budget update due in December, Chalmers said "Higher inflation is putting people under pressure, tighter monetary policy is weighing on domestic activity and we can see that in the softening of the labour market," Chalmers said "Higher interest rates and higher inflation are likely to mean softer growth and slightly higher unemployment," he said However, he added that one positive so far in the economy has been the resilience in business investment, which could more than double compared with expectations in May and rise more than 5% this year The Reserve Bank of Australia has raised interest rates four times this year to 4.6%, but underlying inflation has remained stuck at 3.6% for months, with higher global oil prices threatening to further fuel price pressures The unemployment rate hit a five-year high of 4.7% in September, a year ahead of the RBA's own expectations.

Markets imply a 64% chance that the RBA could raise rates a fifth time next month to 4.85%