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Treasury expecting Australian inflation to hit 7.75 per cent by end of 2022


Anthony Albanese’s Treasurer predicts inflation will peak at 7.75% – the highest since 1990 – by Christmas: ‘There’s no use tiptoeing around it’

  •  Treasury is now expecting inflation to hit 7.75 per cent by the end of 2022

Prime Minister Anthony Albanese‘s Treasurer Jim Chalmers has revealed his department is expecting inflation to hit levels unseen in 32 years.

Treasury is now expecting headline inflation to hit 7.75 per cent by the end of 2022, the highest since the March quarter of 1990.

This is even more severe than Reserve Bank of Australia governor Philip Lowe’s prediction of seven per cent inflation by Christmas.

‘This is about giving you the best sense we can about what is really going on,’ Dr Chalmers told Parliament.

‘There is no use tiptoeing around the pressure people are under.

‘(We can’t) pretend that our problems will solve themselves.

Prime Minister Anthony Albanese 's Treasurer Jim Chalmers has revealed his department is expecting inflation to hit levels unseen in 32 years

Prime Minister Anthony Albanese ‘s Treasurer Jim Chalmers has revealed his department is expecting inflation to hit levels unseen in 32 years

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