So, the government is jubilant about this news with the treasurer declaring the worst of inflation is behind us. If today's data is followed by a rate-cut it could open the door to an earlier election.
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00:00Australians are feeling the price pain, in their grocery bills, at the fuel pump and
00:08their local cafe.
00:10Inflation's been on a seemingly relentless march, but now the Treasury insists...
00:15The worst of the inflation challenge is now well and truly behind us.
00:19Jim Chalmers has spent his first term presiding over a cost of living crisis, today relieved
00:25by figures showing inflation's fallen to a three year low.
00:29We don't pretend that it's mission accomplished on inflation, but these are incredibly encouraging
00:35signs.
00:36This is not mission accomplished.
00:38With an election looming, the opposition is giving the government no credit, focusing
00:43on what it sees as the damage that's been done.
00:46So if people out there are feeling poorer, it's not all in your heads.
00:51You in fact are poorer.
00:53You're poorer than you were three years ago.
00:55They want to talk Australia down.
00:57The Prime Minister's talking up his government's so-called soft economic landing, bringing
01:02down inflation without sending unemployment soaring.
01:07It's like landing a 747 on a helicopter pad.
01:10It has been a difficult thing to navigate.
01:13We know there's more work to do, that's why we want a second term to build on the foundations.
01:19There's a renewed sense of optimism and confidence within government.
01:22Cost of living is the number one issue for voters by a large margin, and it's hurt the
01:27Albanese government.
01:29So falling inflation and an interest rate cut in February could be decisive in terms
01:33of election timing.
01:35A rate cut could tempt the Prime Minister to go to the polls a little earlier.
01:39Although the Treasurer insists he's still working towards a budget in March and an election
01:44in May.