Jim Chalmers is doing a press conference on the inflation figures, and he notes that there is no one in the room because everyone is either on the campaign, or at the press club for Albanese’s speech.

Let me be relatively brief given the PM is up shortly at the National Press Club. We’re really pleased to see headline inflation in the bottom half the reserve banks target range again. At 2.4 %. And especially encouraged to see trimmed mean underlying inflation within the reserve banks target and as well. At 2.9%. This means underlying inflation is now at its lowest level in three years. This is a powerful demonstration of the progress that Australians have made together in the economy. This is proof of the responsible economic management which has been a defining feature of this Albanese Labor covenant. Underlying inflation has fallen again and as I said, this means both headline and underlying inflation is within the reserve banks target band for the first time since 2021.

Under Labor inflation is low. Real wages are growing, unemployment is low. We’ve got the debt down, growth is rebounding solidly in our economy and interest rates have started to come down as well. So this is a powerful demonstration. Of the progress Australians have made together under Labor on inflation and on the economy more broadly as well. Inflation was much higher and rising very sharply when we came to office.

And now it is lower, much lower, and underlying inflation has fallen once again in these numbers that we are seeing today. Monthly inflation is also below the midpoint of the Reserve Bank’s target band and in that case for the fourth consecutive month.

So if you think about the economy we inherited and the economy that we finished the term with, headline inflation was 6.1 % and rising now 2.4. Trimmed mean inflation was 4.9 %. It is now 2.9%. That shows progress we have made together.