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Treasurer Jim Chalmbers warns of new inflation figures

Treasurer issues dire warning that the price of everything will continue to rise for ordinary Australians – but there may finally be some good news on power prices

  • Inflation is expected to rise when figures are released on Wednesday
  • Jim Chalmers believes the worst is over, but the challenges will remain
  • Intervention has curbed the expected increase in electricity prices

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Treasurer Jim Chalmers is hopeful the worst of Australia’s inflation crisis is in the rearview mirror ahead of new data being released later this week.

But the opposition has criticized the government for ‘underestimating’ the magnitude of the problem, accusing Dr.

The latest inflation figures, which will be released on Wednesday, are expected to rise again in December.

Estimates from both the Treasury and the Reserve Bank suggest that inflation will moderate shortly after the predicted peak.

Speaking to Sky News on Sunday, Dr Chalmers was quick to manage expectations that the estimates would result in immediate cost-of-living relief for Australians.

Australians have warned that the cost-of-living crisis is far from over ahead of another rise in inflation (pictured, shoppers in a Sydney Coles)

“We still have a major inflation challenge in our economy even as we get to the other side of the peak,” the treasurer said.

Inflation will be higher for longer than we would like. That’s just the reality.’

His comments come after new Treasury analyzes revealed that government intervention in the energy market has slowed the expected increase in electricity prices.

“We expect it to make a significant difference to these price increases that were predicted in the October budget,” said Dr Chalmers.

“Our goal here is to try to take the edge off some of these price increases that we’re going to see in energy prices through 2023 — a big part of our inflation problem.”

But the opposition has dismissed the treasurer’s comments as ‘spider’, with Peter Dutton claiming Dr Chalmers is paving the way for the government to suspend the controversial stage three tax cuts.

“The treasurer is trying to put all sorts of twists on what’s coming in the May budget and trying to get Australians ready for the end of the tax cuts,” he told Sky News.

“The fact is that Australians are struggling right now and under Labor it will be even more difficult in the next 12 months.”

The intervention of the federal government in the energy crisis has curbed an estimated rise in energy prices

The intervention of the federal government in the energy crisis has curbed an estimated rise in energy prices

The intervention of the federal government in the energy crisis has curbed an estimated rise in energy prices

Treasurer Jim Chalmers (pictured) hopes inflation peak is over, but warned tough challenges lie ahead

Treasurer Jim Chalmers (pictured) hopes inflation peak is over, but warned tough challenges lie ahead

Treasurer Jim Chalmers (pictured) hopes inflation peak is over, but warned tough challenges lie ahead

It comes as the opposition ramps up its attack on the government on multiple fronts, including the Voice to Parliament.

On Sunday, Dutton denied he was a “no sayer” when it came to the referendum to enshrine a First Nation vote in the constitution.

He called on Prime Minister Anthony Albanese to stop “being cute” and reaffirm the government’s intended model for the body.

“If the Prime Minister had been outspoken and open and honest with the Australian public and said if you vote for the vote this is what we will issue then we would have the details but he hasn’t,” added Dutton please.

Opposition leader Peter Dutton (pictured) claims the treasurer is paving the way for the government to suspend the controversial phase three tax cuts.

Opposition leader Peter Dutton (pictured) claims the treasurer is paving the way for the government to suspend the controversial phase three tax cuts.

Opposition leader Peter Dutton (pictured) claims the treasurer is paving the way for the government to suspend the controversial phase three tax cuts.

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