“This inflation outcome today, mirrors, the lived experience of Australians who are doing a tough.” Inflation across Australia has increased to 6.1 per cent through the past 12 months. | swrighteconomy and rachelclun
But in a worry for the Reserve Bank, the key measures of underlying inflation – which strip out one-off price increases – both jumped above 4 per cent.
Inflation rose 1.8 per cent in the June quarter and 6.1 per cent through the year, the largest annual increase since the introduction of the GST in 2001. Over the last 12 months, the cost of new dwellings and fuel have increased by 20.3 per cent and 32.1 per cent respectively. “It will be confronting in the sense that what you can expect to see in the ministerial statement tomorrow is inflation revised up substantially, growth revised down and all of the implications that that brings,” Chalmers said.
“It will take some time to get to more normal levels of inflation,” he said, adding energy security and oil prices were playing a role in keeping inflation high around the world.The treasurer says workers can expect real wage growth in this term of parliament, but they shouldn’t expect wages to match inflation in the next few months.
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