Inflation surged from 2.1% to 3.2% in the September quarter

ABC NEWS (Australia)

Hopes of a Melbourne Cup interest rate cut have been dashed with the September figures showing inflation creeping higher. Stubbornly high electricity prices are mostly to blame and there is little relief in sight.

Transcript

00:00Inflation's been tough to cut down to size.

00:07Many businesses like this tree-lopping company struggle to absorb growing wages and insurance premiums,

00:15instead passing increased costs onto customers through high prices.

00:20It's about being respectful to people and understanding that they've still got their bills to pay.

00:26Official figures show those cost pressures remain.

00:30Bureau of Statistics data show annual headline inflation in the three months to September was 3.2%,

00:37while underlying or core inflation was 3%.

00:41My top two concerns would be services and inflation, particularly linked to the labour market, as well as electricity prices.

00:48The Treasurer copying some question time heat.

00:51Why is it when labour fails, Australians always foot the bill?

00:55The Treasurer choosing his words carefully, acknowledging businesses and households remain under pressure.

01:02We've made it very clear that our progress often isn't in a straight line as we've seen around the world.

01:08We know that there's more work to do and that's our focus.

01:10Inflation is now no longer comfortably within the Reserve Bank's target band of between 2% and 3%.

01:16Economists say it closes the door on a Reserve Bank interest rate cut on Melbourne Cup Day.

01:22But we can safely rule out a Melbourne Cup rate cut now.

01:25We, that's not happening.

01:27Arborist Julian Parry says he thinks customers may now prioritise emergency tree work over landscaping.

01:35It is quite amazing how everybody just kind of almost stops breathing and then all of a sudden things change.

01:43And today for millions of mortgage borrowers the change may come with some necessary budget balancing.

01:50About two weeks ago, we've changed over the years of labour as well.

01:51We've changed it now.

01:52That's a beautiful piece of the roof.

01:53As always, do you know?

01:54We've changed the roof.

01:55But at this time, we know exactly what the roof is, right?

01:56Let's see.

01:57We're going to show you the roof.

01:58But we've changed the roof.

01:59The roof is the roof.

02:00What's new?

02:01The roof is probably for two weeks.

02:02We've changed the roof.

02:03That's now.

02:04We're changed the roof.

02:05A roof is also different from the roof.

02:06The roof is actually under the roof.

02:07The roof is happening to the roof.

02:08The roof is now приш-edge to the roof.

02:09The roof is actually stretched three tiers.

02:10The roof is the roof.

02:11It's constantly changing the roof.

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