Economy
Background
ABS data indicated prices held firm in October yet rose on an annual basis.
Question
The senator asked for an update on the latest economic data and the progress made in fighting inflation.
Includes 2 supplementary questions.
Answer from Katy Gallagher
The minister confirmed that inflation was steady in October but rose to 3.8 per cent annually, driven by temporary factors like energy rebates and travel prices. She noted that underlying inflation had fallen to 3.3 per cent from around five per cent when the government took office, allowing the RBA to cut interest rates three times. She emphasized that real wages had grown for eight consecutive quarters and that the government continued to provide cost-of-living relief, including pay rises for minimum-wage workers, increased superannuation to 12 per cent, expanded parental leave, energy bill relief, and Medicare boosts.
Summary in reported speech - not a transcript. AI-generated, so check the source.