Ahead of his third budget since the centre-left Labor government won power in 2022, Treasurer Jim Chalmers predicted inflation could ease to the central bank’s 2-3 per cent target band by the end of this year, helped by measures Canberra plans to introduce to cool prices.
That would be a welcome surprise for the Reserve Bank of Australia , which does not expect inflation to return to target until late 2025. The budget will feature tax incentives for Labor’s Future Made in Australia subsidy programme to help domestic industries compete globally, as well as more defence funding and measures to cut costs for higher education.
ANZ predicted a small surplus of A$4.5 billion for the 12-months ending June this year, while Commonwealth Bank of Australia tipped a surplus of a A$15 billion.
Australia Inflation
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