Labor's Inflation Cooker on the Boil
Headline inflation hits 4.3% as rate fears flare
Albanese concedes savings as Labor MPs fume
Prime Minister Anthony Albanese has conceded the government must find more savings as internal Labor pressure builds over the cost-of-living crisis. Speaking in Melbourne, he said Labor had saved 178 billion Australian dollars from unexpectedly strong revenue and challenged the Coalition not to demand savings while opposing every saving. Treasurer Jim Chalmers has separately promised another savings package by year's end, framing spending restraint as part of the inflation fight.
A 3 billion dollar health cut stalls in the Senate
Power bills up 35% as households fall behind
Cash rate at 4.6% with a fifth hike in sight
The RBA has already raised the cash rate four times this year to 4.6%, its highest level in 15 years. Commonwealth Bank economists now expect a 25-basis-point move on Melbourne Cup day to 4.85%, which would be the fifth hike this year and the highest level in 18 years. Labor's primary vote sits around 27%, nearly 8 points below its election result. Albanese and Chalmers blame global fuel shocks from the war in the Middle East, but voters who have lived under Labor for more than four years increasingly hold the government responsible as Christmas approaches.
