00:00According to markets, the odds I should say of a rate cut next month did rise after yesterday's
00:08inflation figures.
00:09We saw core inflation drop from 3.5 to 3.2% in the year to November.
00:17Now the Treasurer Jim Chalmers was asked when he thinks a rate cut is going to come, obviously
00:23he didn't want to weigh into that, it is ultimately up to the Independent Reserve Bank to decide
00:29on the cash rate, but certainly the hopes are that they will provide some sort of relief
00:34to mortgage holders.
00:35If not next month, then in the months to come.
00:39What will be watched next is the quarterly inflation figures from the Bureau of Statistics.
00:44They come out at the end of this month.
00:46So lots to watch, here's the Treasurer speaking earlier.
00:50What that tells us is that we are making and have made really substantial and now sustained
00:55progress in the fight against inflation.
00:58And we're pretty confident that the worst of that inflation challenge is behind us,
01:01but we're not complacent about that because we know that people are still under pressure.
01:06So the Treasurer points out that inflation is heading towards that target range that
01:12the RBA hopes for of between 2 and 3%.
01:17And if there is a rate cut before the election, we can expect that the Labor government will
01:23continue to say that it's set the right economic settings to allow for a rate cut.
01:29But when we heard from the opposition yesterday, Shadow Treasurer Angus Taylor, he was pointing
01:33out that inflation still isn't where it needs to be.
01:37Also saying that really for Australians, they're not feeling any relief, whether it is in terms
01:42of interest rates or at the checkout.
01:45Now all of this happens as the Prime Minister, Anthony Albanese, continues his tour of the
01:49top end of Australia.
01:52Today he'll be in Kununurra in Western Australia, where he's set to announce around $200 million
01:58for housing and community infrastructure.
02:01And we'll hear from the Prime Minister a little later today, Mel.
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