00:01This means inflation has come in lower than expected, lower than forecast in the budget
00:07or by the Reserve Bank, but it's still higher than we would like it to be. These are welcome
00:14numbers in the circumstances, but we know that we still have an inflation challenge
00:19in our economy. What these numbers show is that inflation across a number of measures
00:25is lower than what the market expected, certainly lower than what we expected at budget time,
00:31and lower than was forecast by the Reserve Bank as well. This is the third consecutive month now
00:38where annual headline inflation has come down. It is an encouraging outcome that shows that we
00:46have made some progress on inflation since the budget, even in the face of very intense
00:52global economic uncertainty.
