January 22, 2023
1 min read

Australian Treasurer hopeful worst of inflation is over

Chalmers said the cost of living pressures would continue to affect millions of Australians but stressed that relief would be a key part of May’s federal budget….reports Asian Lite News

Australia’s Treasurer Jim Chalmers said on Sunday that the worst part of the country’s inflation crisis was over.

Ahead of the Australian Bureau of Statistics (ABS) releasing consumer price index (CPI) data for the final quarter of 2022 on Wednesday, Chalmers said he was optimistic that price increases would start to moderate in 2023, Xinhua News Agency reported.

Wednesday’s data is expected to reveal another rise in the CPI but both the Treasury and the Reserve Bank of Australia (RBA) have predicted a peak in the December quarter.

Chalmers said the cost of living pressures would continue to affect millions of Australians but stressed that relief would be a key part of May’s federal budget.

“The Australian economy will begin to soften a bit this year and that is the inevitable likely consequence of higher interest rates and a slowing global economy,” he told reporters.

“That’s why our economic plan is cost-of-living relief in a responsible way and growing the economy without adding to these inflationary pressures.”

According to the ABS, inflation rose by 7.3 per cent in the 12 months to September, with a 10.9-percent rise in gas and household fuel prices a major contributing factor.

A Treasury analysis released on Saturday found the gas price cap, which was put into place by the government in December 2022, is expected to drive down wholesale prices by between 29 and 44 per cent in the financial year 2023-24.

“Energy is a bigger part of our inflation challenge in our economy,” Chalmers said.

“There have been other price pressures which have started to ease whether it’s shipping costs or housing costs or some of the others, and that’s obviously welcome.

ALSO READ: India-Australia ECTA to ‘double bilateral trade’ in 5 years

Previous Story

No anti-Islamic content in new textbook : B’desh Minister

Next Story

Qualcomm’s M1 rival coming soon

Latest from -Top News

UAE, India join on child services

The United Arab Emirates and India have opened discussions to enhance cooperation in integrated child development services, focusing on early childhood education, nutrition, and child participation initiatives. The talks took place on

Pakistan Faces Backlash Over NGO, Media Attacks

Human rights groups criticised the Pakistani government for a “deeply irresponsible” smear campaign against media and NGOs….reports Asian Lite News Several human rights organisations and advocacy groups have criticised the Pakistani government

Afghanistan Offline: 72 Hours of Chaos

Afghanistan restores internet after three-day blackout; humanitarian aid, trade, and banking resume slowly, while UN warns repeated disruptions threaten recovery and livelihoods for millions of citizens. Internet and telecom services were partially

Over 1,000 lives lost in Pak floods

Pakistan’s floods kill over 1,000, hit agriculture and supply chains; economy shows resilience amid devastation, while Karachi experiences minor earthquake, raising fears in already-stricken areas. Pakistan continues to grapple with one of
Go toTop

Don't Miss

Australia joins US in diplomatic boycott of Beijing Olympics

This comes a few days after the Biden administration announced

‘Australian batters went away from their methods’

Australia captain Pat Cummins admitted that a few batters in