Today: 7 October 2025
29 June 2023
1 min read

‘Inflation increases along with global challenges’

Inflation is due to fall from 7 per cent recorded in the March quarter this year to 3.25 per cent in 2023-24, before returning to the Reserve Bank of Australia (RBA)’s target band the year after…reports Asian Lite News

Australia’s Treasurer Jim Chalmers on Wednesday said that no state or territory in the country was immune from economic headwinds, including the challenge from inflation.

In an address, Chalmers said inflation and interest rate increase along with global challenges, will significantly slow the economy, with the growth expected to fall from 3.25 per cent this year to 1.5 per cent next year, reports Xinhua news agency.

Inflation is due to fall from 7 per cent recorded in the March quarter this year to 3.25 per cent in 2023-24, before returning to the Reserve Bank of Australia (RBA)’s target band the year after.

“In the Northern Territory (NT), consumer price index (CPI) reflects these national trends, and you, along with the rest of the country, have been impacted by the response,” he said.

“The 400-basis point increase in rates since before the election last year is the most significant tightening cycle the RBA has undertaken since the inflation targeting era began.”

Chalmers also said Australia’s first budget surplus in over a decade will come in bigger than previously forecast.

The improvement has been driven by low unemployment and high commodity prices resulting in higher tax receipts.

“Today, I can reveal that we’re expecting the surplus will be bigger than forecast in May,” he said.

“We welcome this because it means delivering on what we’ve set out to do — rebuilding our buffers — and taking more heat out of the economy just as it’s needed to combat inflation.”

His speech came as data from the Australian Bureau of Statistics (ABS) on Wednesday revealed the rate of inflation fell.

The monthly CPI indicator rose by 5.6 per cent in the 12 months to May this year — down from 6.8 per cent in April and the smallest increase since April 2022, according to ABS.

ALSO READ-Interest rate rise expected after inflation shock in UK

Previous Story

Aquaterra Energy secures multi mn UAE decommissioning contract

Next Story

Violent protests hit Paris suburb after teenager shot dead by police

Latest from -Top News

OCTOBER 7: Stop the Violence Now, Says Guterres

Guterres recalled that “the attackers brutally killed more than 1,250 Israelis and foreign nationals….reports Asian Lite News UN Secretary-General Antonio Guterres urged an immediate halt to the violence in Gaza, Israel, and

Piyush Goyal Heads to Doha for Trade Talks

During the visit, both sides are expected to discuss the proposed India–Qatar Free Trade Agreement (FTA)….reports Asian Lite News Union Commerce and Industry Minister Piyush Goyal will travel to Doha, Qatar, on

Hamas Heads to Egypt for Gaza Talks

The negotiation will focus on the details of enacting the first phase of the plan…reports Asian Lite News A delegation from the Palestinian group Hamas arrived in Egypt on Sunday ahead of

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with
Go toTop

Don't Miss

Inflation rate surprises with rise to 4% in UK

Financial markets and traders are still expecting it to cut

‘Rewarding Terror’: Netanyahu Hits Out at Western Recognition of Palestine

Netanyahu reiterated that Israel would never allow the establishment of