Labor Celebrates Economic Milestone as Inflation Falls Within Target Range for Ninth Consecutive Month

Prime Minister announces largest ALP caucus in federal parliament history during Brisbane visit

Credit PM Anthony Albanese FB page

Australia's inflation rate dropped to 2.4 percent in the latest monthly data, marking the ninth consecutive month within the Reserve Bank's target range and coinciding with what Prime Minister Anthony Albanese called the "largest ALP caucus that has ever existed in the federal parliament."

Treasurer Jim Chalmers announced the inflation figures during a joint press conference with Albanese in Brisbane Wednesday, revealing both headline inflation at 2.4 percent and underlying inflation at 2.8 percent now sit within the Reserve Bank's target band.

"This is very welcome and encouraging news," Chalmers said. "It shows that the progress that we've made together as Australians on inflation has been substantial and it has been sustained."

The economic milestone represents the longest period where both measures of inflation have been in the target range since monthly data collection began in 2018, according to Chalmers. The underlying inflation figure marks the fifth consecutive month within the target band.

"What we've managed to achieve as Australians, is an economy where inflation's come down substantially, real wages are growing again, unemployment is low, we've got the debt down, our economy is growing, and we've seen interest rates cut twice in the space of three months," Chalmers said.

The Reserve Bank has reduced interest rates twice within three months, with market expectations pointing toward additional cuts ahead.

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