Jim Chalmers has insisted the government will follow through on its promise for real wages growth but has warned of “significantly higher” inflation to come this year.
Dr Chalmers said the Albanese Government needed to grapple with inflation as part of its pursuit for real wage growth.
Federal Treasurer Jim Chalmers has flagged inflation will soar beyond its current rates before the end of the year. Picture: NCA NewsWire / Dan Peled But growing domestic and international pressures has forced the central bank to update its predictions. “Since early May, petrol prices have risen further due to global developments and the outlooks for retail electricity and gas prices have been revised higher due to pressures on capacity in that sector,” he said.
“But the Reserve Bank has said something around seven per cent, that doesn't seem to me to be wildly off the mark.
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