They’re all liars.
Dr Chalmers will tell finance ministers that under the Albanese government, inflation has halved. “We’ve recorded faster employment growth than all major advanced economies; real wages are growing again; and our two straight surpluses have helped repair the budget,” he will say.
Inflation in Australia has proved to be more persistent than in the US, the Euro area, Britain, Canada and New Zealand. When Labor won the election, inflation in Australia was at 6.1 per cent compared with 9.1 per cent in Britain, 8.6 per cent in the US, 8.1 per in the Euro area, 7.7 per cent in Canada and 7.3 per cent in New Zealand. But while inflation didn’t peak as high in Australia due to the Reserve Bank opting against tighter monetary policy to shield jobs gains, the RBA’s approach meant price pressures have remained sticky. As of August, headline inflation in Australia was 2.7 per cent and underlying inflation was 3.4 per cent. This is compared with headline inflation of 2.4 per cent in the US, 2.2 per cent in New Zealand, 1.7 per cent in Britain and the Euro area, and 1.6 per cent in Canada.
