Jim Chalmers is blaming Australia’s accelerating inflation on Trump – but voters aren’t buying it
Summary
Australia’s annual inflation rate rose from 4% to 4.3% in September, with higher fuel prices accounting for much of the increase. Treasurer Jim Chalmers pointed to the Iran conflict and global data-centre investment as external pressures, while a poll found more voters blamed government spending for rising living costs; the Reserve Bank was expected to consider another rate rise.Key Facts
- The Australian Bureau of Statistics reported that fuel costs rose 9.4% in September.
- Petrol and diesel prices were on average 24% higher than a year earlier.
- The Reserve Bank’s preferred measure of underlying inflation rose from 3.6% to 3.7% in the year to the September quarter.
- In an Essential poll, 31% of voters named government spending as the top cause of rising living costs.
- In the same poll, 24% cited overseas events such as the global oil shock, and 19% cited supermarket price gouging.
- The poll found that 61% of Australians thought the country was on the wrong track, while 25% thought it was on the right track.
- Reserve Bank officials said they were more concerned about inflation becoming entrenched than about rising unemployment, which had reached a five-year high.
- The article said another interest rate rise was expected the following Tuesday; it would take the cash rate to 4.85% if delivered.
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