As you would have expected, Jim Chalmers’ release on inflation is long – but he is keen to make the point that both headline and underlying inflation have fallen to their lowest level in almost four years.

You may note that ‘almost four years’ includes the last year of the Morrison government. That’s the point.

Chalmers:

Monthly headline inflation is just below the band at 1.9 per cent and at its lowest since early 2021. This is welcome and encouraging news.
It’s an outstanding result which confirms we are sustainably in the band with substantially lower inflation.

Under Labor, inflation is falling, unemployment is low, real wages and living standards are growing again, more than 1.1 million jobs have been created, debt is down, the economy is growing and interest rates are falling.

New numbers from the Australian Bureau of Statistics show headline inflation was 2.1 per cent through the year to the June quarter 2025, down from 2.4 per cent through the year to the March quarter 2025.

It means headline inflation has now been in the band for a full year.

This is a powerful demonstration of the progress we have made together.