Federal government buoyed by today’s falling inflation figures

ABC NEWS (Australia)

So, the government is jubilant about this news with the treasurer declaring the worst of inflation is behind us. If today's data is followed by a rate-cut it could open the door to an earlier election.

Transcript

00:00Australians are feeling the price pain, in their grocery bills, at the fuel pump and

00:08their local cafe.

00:10Inflation's been on a seemingly relentless march, but now the Treasury insists...

00:15The worst of the inflation challenge is now well and truly behind us.

00:19Jim Chalmers has spent his first term presiding over a cost of living crisis, today relieved

00:25by figures showing inflation's fallen to a three year low.

00:29We don't pretend that it's mission accomplished on inflation, but these are incredibly encouraging

00:35signs.

00:36This is not mission accomplished.

00:38With an election looming, the opposition is giving the government no credit, focusing

00:43on what it sees as the damage that's been done.

00:46So if people out there are feeling poorer, it's not all in your heads.

00:51You in fact are poorer.

00:53You're poorer than you were three years ago.

00:55They want to talk Australia down.

00:57The Prime Minister's talking up his government's so-called soft economic landing, bringing

01:02down inflation without sending unemployment soaring.

01:07It's like landing a 747 on a helicopter pad.

01:10It has been a difficult thing to navigate.

01:13We know there's more work to do, that's why we want a second term to build on the foundations.

01:19There's a renewed sense of optimism and confidence within government.

01:22Cost of living is the number one issue for voters by a large margin, and it's hurt the

01:27Albanese government.

01:29So falling inflation and an interest rate cut in February could be decisive in terms

01:33of election timing.

01:35A rate cut could tempt the Prime Minister to go to the polls a little earlier.

01:39Although the Treasurer insists he's still working towards a budget in March and an election

01:44in May.

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