In the absence of Ted O’Brien/Steven Hamilton (O’Brien’s chief of staff and one of those economists who always had a lot to say) asking him another question about unemployment (still shaking our heads at that one given the Coalition’s record) Jim Chalmers gets in with his own dixer ahead of tomorrow’s inflation figures:

This progress has given the Reserve Bank the confidence to cut interest rates twice already this year, and the Reserve Bank Governor has said more rate relief is a question of timing not a question of direction.

Underlying inflation in our economy is already half or almost half what we inherited. In headline inflation number tomorrow with a two in front of it will confirm that we have been in the Reserve Bank target band for a full year, Mr Speaker.

Unlike other countries, we have made this progress on inflation without paying for it substantially higher unemployment. In fact, this Government has been able to get inflation down while presiding over the lowest average unemployment rate in the last half-century.

No major advanced economy has achieved what Australia has, inflation in the low twos, unemployment and the no low fours and three years of continuous economic growth.

While inflation has been coming down in Australia, it has been going up in the US, Canada, and New Zealand. So inflation is down, real wages are growing again, unemployment is low, we have delivered two surpluses and got the debt down and interest rates have come down twice already this year. We know there is more work to do. We know the global environment is uncertain, and there are persistent structural issues in our economy, we know people are still under pressure. That’s why we are rolling out more cost-of-living relief this month, it is why we are legislating help the student debt this week, and it is why responsible economic management has been and will continue to be a defining feature of this Albanese Labor Government.

Still not addressing people living under the poverty line though, or increasing the Jobseeker rate to something people could live on with dignity.