Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I thank Senator Walsh for the question. Last Wednesday saw the release of the CPI for the June quarter. CPI increased six per cent over the year to the June quarter, down from the peak of 7.8 per cent over the year to the December quarter last year. Inflation increased by 0.8 per cent over the quarter. This is less than half the quarterly increase when it reached its peak in the March quarter of 2022, which was 2.1 per cent, which was just before the election. It's pleasing that inflation is moderating and, while we would prefer it to moderate more quickly to ease pressure on household budgets, we are making progress. Our economic plan has many parts: the budget restraint, the finding of savings, the banking of upgrades to revenue, the targeted cost-of-living relief that's not adding to inflation and investments to lift the capacity of the economy over the long term.