Door swings shut on rate rise following inflation data

Treasurer Jim Chalmers says inflation could "zig and zag on the way down". Video via AAP.

Transcript

00:00Underlying inflation is moderating, they will weigh all of that up, along with the weakness

00:05that we've seen in the economy, the softening around the edges of the labour market, they'll

00:10factor in conditions in the retail sector and all the rest of it.

00:14I'm not in the business of giving free advice to the Independent Reserve Bank.

00:19My job is to manage the budget responsibly, along with my colleagues in the Cabinet and

00:24in the Government, to deliver those big surpluses, which the Reserve Bank Governor has her

00:29self said is helping in the fight against inflation, but also to roll out this cost

00:35of living relief in a way that makes a meaningful difference to household budgets, but also

00:39puts downward pressure on prices in a way that the ABS has confirmed today is effective.