Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

for making this mistake twice in the last half an hour or so. He said a moment ago in the question to the Prime Minister that core inflation in Canada was going down. Core inflation in Canada is going up. While we're at it, we should tell the shadow Treasurer that core inflation in the euro area is also going up. So that's a reminder.

Again, the Prime Minister hit the nail on the head a moment ago in his answer—and the Governor of the Reserve Bank, similarly, in the quote that the Prime Minister shared. The governor and the Prime Minister have pointed out that it's not unusual around the world in countries where inflation peaked higher and earlier than it did here in Australia, particularly with these more volatile monthly figures, for the number to bounce around and zigzag on the way down. We saw in the US earlier in the year that inflation went up twice before it started to come down again. As the Governor of the Reserve Bank and the Prime Minister have rightly pointed out, our experience in Australia is not materially different from the kind of experience that we are seeing around the world.

So, if the shadow Treasurer is unhappy with inflation at four per cent—as are we—he must have been absolutely filthy at the 6.1 per cent that he presided over. He must have been absolutely furious at the performance of his own government, when they bequeathed us inflation at 6.1 per cent. As I said, inflation in the monthly indicator today edged down in monthly terms, but at four per cent annually it is still too high. We want inflation to be lower and sooner, and that's why our cost-of-living relief, which kicks in on Monday, is so important.

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