Chalmers lowers hopes for fuel discounts after high inflation result
Faced with another high inflation result and the likelihood of a rate hike next Tuesday, Treasurer Jim Chalmers calls for "perspective" and points to external factors.
Treasurer Jim Chalmers has lowered expectations for further fuel discounts, citing budget pressures and high inflation. The government's budget is not the main driver of inflation, but other factors like the Middle East war and increased private investment in data centres are considered primary contributors. The Reserve Bank is expected to raise interest rates when its monetary policy board meets on Tuesday, with a 25 basis point hike likely, taking the rate to 4.85% as of its highest level since 2008.
Shadow Treasurer Tim Wilson criticized government spending, calling Australia vulnerable to international factors.
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