Chalmers is blaming Trump for Australia’s accelerating inflation, but voters aren’t buying it
Fuel costs lift inflation
The Australian Bureau of Statistics attributed much of September’s inflation rise to fuel, which became 9.4% more expensive. Inflation accelerated from 4% to 4.3%. Chalmers has blamed the latest figures on the worsening Middle East conflict. The article argues that the war on Iran has raised global costs, though the government’s role in domestic inflation remains disputed.
Voters cite several causes
An Essential poll found that 24% of respondents named overseas events, such as the global oil shock, as the main cause of cost-of-living pressure. Another 19% identified supermarket price gouging.
Rate rise could add pressure
The Reserve Bank is expected to raise interest rates next Tuesday, in what would be the fifth increase of the year. The article says the move would take the cash rate to 4.85%, its highest level since the global financial crisis.
That prospect would bring further strain for mortgage holders as summer approaches. The article describes the outlook for many households as increasingly difficult, amid a deepening pessimism about the future.
Key points
- Fuel costs rose 9.4% in September as inflation increased from 4% to 4.3%.
- An Essential poll found 24% blamed overseas events and 19% pointed to supermarket price gouging.
- A possible rate rise next Tuesday could lift the cash rate to 4.85%.
- Economists have argued that high public spending is making it harder to reduce inflation.