Higher inflation has held on longer than the federal government first anticipated, with headline inflation rising by 3.8 per cent over the year to the June 2024 quarter.
The Reserve Bank has lifted interest rates13 times since May of 2022 from 0.35 per cent to 4.35 per cent,in efforts to slow spending — the only tool the central bank has to attack inflation.
But the economy has also halted, growing a meagre 0.1 per cent over the first quarter of 2024, and 1.1 per cent over the year to March.
Speaking on ABC News Breakfast, economist Angela Jackson said Mr Chalmers was getting ahead of expected bad news on the economy in Wednesday's national accounts.
"That heartbeat is getting really, really faint ... 0.2 per cent we're expecting, that means annual growth lower than 1 per cent — that will be the lowest since 1991," Dr Jackson said.
"We really are in that teetering position I think, in terms of growth."
abc line.
g'day sailor101.....
interesting notes to make on the inflationary chart.
Jan 21 the inflation rate registered. no action
no action taken and the RBA silent - evidence of Govt control of the RBA.
Morrison talking up demand on he economy causing inflation rate to increase.
15 months of inflation and still silence and no action taken by either RBA or Govt.and yet the right claim that inflation is entirely the Lab govt problem.
