Joe Biden hit the fundraising trail as he works to calm the nerves of wealthy donors following a feeble debate performance; French voters prepare to head to polling stations in the first round of legislative elections. Follow updates here.
Treasurer Jim Chalmers said he’s confident but not complacent in the budget’s forecast that inflation will cool to 2.75 per cent by the end of the year, after annual inflation this week rose to 4 per cent for May, from 3.6 per cent the month earlier. The treasurer cautioned against comparing the rate of inflation in Australia to that of other advanced economies, saying inflation in the Australian economy had “peaked later and lower” than in many other countries.
“We’re confident about the future trajectory of inflation, but we’re not complacent about it,” Chalmers told Sky News. “Both the Reserve Bank governor and the deputy governor of the Reserve Bank have said in recent days and weeks our experience of the downward trajectory of inflation is pretty similar to what’s happening around the world.” Chalmers said inflation had not moderated in a linear pathway in the US, Canada and the eurozone.
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