June 29, 2023
1 min read

‘Inflation increases along with global challenges’

Inflation is due to fall from 7 per cent recorded in the March quarter this year to 3.25 per cent in 2023-24, before returning to the Reserve Bank of Australia (RBA)’s target band the year after…reports Asian Lite News

Australia’s Treasurer Jim Chalmers on Wednesday said that no state or territory in the country was immune from economic headwinds, including the challenge from inflation.

In an address, Chalmers said inflation and interest rate increase along with global challenges, will significantly slow the economy, with the growth expected to fall from 3.25 per cent this year to 1.5 per cent next year, reports Xinhua news agency.

Inflation is due to fall from 7 per cent recorded in the March quarter this year to 3.25 per cent in 2023-24, before returning to the Reserve Bank of Australia (RBA)’s target band the year after.

“In the Northern Territory (NT), consumer price index (CPI) reflects these national trends, and you, along with the rest of the country, have been impacted by the response,” he said.

“The 400-basis point increase in rates since before the election last year is the most significant tightening cycle the RBA has undertaken since the inflation targeting era began.”

Chalmers also said Australia’s first budget surplus in over a decade will come in bigger than previously forecast.

The improvement has been driven by low unemployment and high commodity prices resulting in higher tax receipts.

“Today, I can reveal that we’re expecting the surplus will be bigger than forecast in May,” he said.

“We welcome this because it means delivering on what we’ve set out to do — rebuilding our buffers — and taking more heat out of the economy just as it’s needed to combat inflation.”

His speech came as data from the Australian Bureau of Statistics (ABS) on Wednesday revealed the rate of inflation fell.

The monthly CPI indicator rose by 5.6 per cent in the 12 months to May this year — down from 6.8 per cent in April and the smallest increase since April 2022, according to ABS.

ALSO READ-Interest rate rise expected after inflation shock in UK

Previous Story

Heavy rainfall lashes parts of Mumbai, 2 killed

Next Story

Violent protests hit Paris suburb after teenager shot dead by police

Latest from -Top News

Khaleda Zia’s Son Return Looms as Yunus Faces Heat

The core question remains whether Rahman can provide leadership in politically turbulent times in Bangladesh….reports Asian Lite News Speculation is mounting in Bangladesh over the possible return of Tarique Rahman, son of

India Eyes Top 5 Spot in Global Entertainment

With focused investments, policy support, and infrastructural upgrades, India is on track to position itself as one of the top five live entertainment destinations globally by 2030…reports Asian Lite News Fueled by

Pakistan on the Brink: War, Weakness, Woes

The reason behind growing anxiety and consternation in Islamabad is the depleting reserves of its military’s artillery and ammunition and also a ruined economy…reports Asian Lite News As the tensions between India

UNSC Convenes Over India-Pak Crisis

Pakistan is currently an elected member of the Council and will participate in the meeting….reports Asian Lite News The United Nations Security Council (UNSC) will be holding a closed-door meeting on Monday
Go toTop

Don't Miss

India set to turn the tables on Oppn over price rise, inflation

Despite all the difficulties and global problems, the rate of

After temples,Khalistanis target Indian consulate in Brisbane under

Beginning 2023, Hindu temples in Australia and Canada have seen