Consumer prices rise 0.8% in the three months to June
Treasurer Jim Chalmers has welcomed the slowdown. But acknowledges many people are still struggling and says the government's focus remains on bringing prices down.
Category
đŸ“º
TVTranscript
00:00 It's really pleasing to see that inflation in our economy is moderating further.
00:06 We'd like to see it moderate faster, but we are making welcome progress in this fight
00:12 against inflation.
00:13 So we've got inflation moderating in annual terms, and when you compare the quarterly
00:20 peak March last year, we've gone from 2.1 per cent before the change of government to
00:26 0.8 per cent in the new numbers that are released today.
00:31 Even with today's numbers showing a welcome fall in inflation, a welcome easing in inflation,
00:40 we know that people are still doing it tough.
00:43 We know that Australians are still under the pump as they confront this inflation, which
00:48 is moderating in welcome ways, but which still will be higher than we'd like for longer than
00:54 we'd like.
00:56 Inflation remains our number one challenge, and it remains the Albanese Government's primary
01:00 focus of our economic plan.
01:03 In this environment, it's really important that we do three things, and we are doing
01:07 these three things.
01:09 Firstly, banking a bigger surplus to take some of the pressure off inflation.
01:14 Secondly, providing cost of living help to take the edge off some of these pressures
01:19 rather than adding to inflation.
01:21 And thirdly, focusing on and investing in the supply side challenges in our economy
01:26 as well.
01:27 That is our three-point plan for combating this inflation challenge, and we are pleased
01:32 to see that inflation is moderating as a consequence of our collective efforts.
01:38 Treasury estimates something like a three-quarters of a percentage point improvement this financial
01:44 year as a consequence of our cost of living help.
01:47 The Reserve Bank Governor has said that our budget is taking the pressure off inflation
01:51 rather than adding to these inflationary pressures.
01:54 The first surplus in 15 years is also helping take the pressure off inflation when that
02:01 pressure is at its most acute.
02:04 And because of our responsible economic management, we have shown that a bigger surplus in the
02:10 year that has just finished needn't come at the expense of providing this cost of living
02:14 help.
02:15 We have found a way to get the budget in much better nick at the same time as we are rolling
02:19 out this assistance for the people that need it the most in the areas where the pressures
02:24 are most acute.
02:26 There is still a long way to go to head off this inflation challenge, but today's numbers
02:32 do show that we are heading in the right direction.
02:34 We are seeing inflation moderate from its peak, its quarterly peak before the last election,
02:41 its through-the-year peak towards Christmas of last year.
02:44 We are seeing it moderate and we would like it to moderate quicker, but our economic plan
02:50 is playing a really important role here in the moderation of inflation.
02:55 We are rolling out this cost of living help, we are getting the budget in better nick,
02:59 we are investing in the supply side of the economy, all of the ways that the textbook
03:03 would say you deal with this inflationary environment in which we found ourselves and
03:07 that we inherited from our predecessors.
03:09 [BLANK_AUDIO]