Chalmers’ dire warning ahead of inflation figures

Treasurer issues dire warning that the price of everything will keep going up for everyday Australians – but there may finally be good news on power prices

  • Inflation rise expected when figures are released Wednesday
  • Jim Chalmers believes worst is over but challenges will remain
  • Intervention has slowed expected rise of electricity prices

By Courtney Gould For Nca Newswire

Published: 06:46, 22 January 2023 | Updated: 06:46, 22 January 2023

Treasurer Jim Chalmers is hopeful the worst of Australia’s inflation crisis is in the rearview mirror ahead of the release of fresh data later this week.

But the Opposition has slammed the government for ‘underestimating’ the scale of the problem, accusing Dr Chalmers of already beginning his May budget ‘spin’.

The latest inflation data, to be handed down on Wednesday, is expected to show another rise in December.

Estimates from both the Treasury and the Reserve Bank suggest inflation will moderate soon after the predicted spike.

Speaking with Sky News on Sunday, Dr Chalmers was quick to manage expectations the estimates would result in immediate cost of living relief for Australians.

Australians have been warning the cost of living crisis is far from over ahead of another inflation hike (pictured, shoppers in a Sydney Coles)

Australians have been warning the cost of living crisis is far from over ahead of another inflation hike (pictured, shoppers in a Sydney Coles)

‘We’ve still got a big inflation challenge in our economy even as we get to the other side of the peak,’ the Treasurer said.

‘Inflation will be higher than we’d like for longer than we’d like.

That’s just the reality.’

His comments come after fresh Treasury analysis revealed the government’s intervention in the energy market has slowed the expected rise of electricity prices.

‘We expect it to make a meaningful difference to these price increases that were forecast in the October budget,’ Dr Chalmers said.

‘Our objective here is to try and … take the edge off some of these price rises that we will see in energy prices through 2023 – a big part of our inflation problem.’

But the opposition has dismissed the Treasurer’s comments as ‘spin’, with Peter Dutton claiming Dr Chalmers is setting the stage for the government to shelve the controversial stage three tax cuts.

‘The treasurer is trying to put all sorts of spin on what will be in the May budget and trying to set Australians up for the tax cuts to be abolished,’ he told Sky News.

‘The fact is that Australians are doing it tough at the moment and it’s going to get tougher over the next 12 months under Labor.’

The federal government's intervention into the energy crisis has slowed down an estimated surge in power prices

The federal government’s intervention into the energy crisis has slowed down an estimated surge in power prices 

Treasurer Jim Chalmers (pictured)  is hopeful the inflation peak has passed but warned tough challenges are still ahead

 Treasurer Jim Chalmers (pictured)  is hopeful the inflation peak has passed but warned tough challenges are still ahead

It comes as the opposition ramps up its attack on the government on multiple fronts, including the Voice to Parliament.

On Sunday, Mr Dutton denied he was a ‘naysayer’ when it came to the referendum to enshrine a First Nation’s voice in the constitution.

He called on Prime Minister Anthony Albanese to stop ‘being cute’ and confirm the government’s intended model for the body.

‘If the prime minister had just been upfront and straight and honest with the Australian public and said if you vote for the voice, this is what we will legislate, well we would have the detail, but he’s not,’ Mr Dutton added.

Opposition leader Peter Dutton (pictured) claims the treasurer  is setting the stage for the government to shelve the controversial stage three tax cuts.

 Opposition leader Peter Dutton (pictured) claims the treasurer  is setting the stage for the government to shelve the controversial stage three tax cuts.

Tags:

battersea-park-zoo listed on couponmatrix.ukblue-nile-1 listed on couponmatrix.ukkipling listed on couponmatrix.ukmonopoly-lifesized listed on couponmatrix.ukmulberry listed on couponmatrix.ukshreks-adventure listed on couponmatrix.uk
battersea-park-zoo listed on couponmatrix.ukHome to cute wildcats and terrifying tarantulas alike, Battersea Park Zoo provides a beautiful bastion to endangered animals of all varieties. Whether you come to catch a glimpse of the iguanas or simply to take a breather from the busy London streets, a Battersea Park discount code is a surefire way to enjoy some exotic animals without breaking the bank. With dozens of weird and wonderful residents to light up your day, there’s never a dull moment or mammal when visiting Battersea Park Zoo.
blue-nile-1 listed on couponmatrix.ukBlue Nile was founded in 1999 with the idea that the diamond and engagement ring business was more than ready for some innovation. Revolutionizing the industry with their radical online business model, Blue Nile made it possible for customers like you to shop for extraordinary, high-quality diamonds at a great value price. So, if you're looking for a little sparkle in your life, why not use your Blue Nile promo code to make it happen.
kipling listed on couponmatrix.ukIf you’re looking for stylish storage solutions, it’s in the bag with Kipling - one of the world’s favorite suppliers of handbags, backpacks, totes and luggage. Kipling set up shop more than 30 years ago, and has become renowned for its iconic monkey keychain and its crinkle nylon fabric, so tap into this historic brand for less with a Kipling coupon from Groupon. There’s a range of styles on offer to suit all tastes and budgets, so get shopping today.
monopoly-lifesized listed on couponmatrix.ukTurning an iconic board game into a life-size, immersive experience, Monopoly Lifesized is a great new take on a family classic. If you’d like to have an attempt at testing your wits and physique for a place on the London property board, ensure you use a Monopoly Lifesized discount to enjoy a unique day out at minimal expense. Whether you’re competing against friends, family or strangers, Monopoly Lifesized ensures there’s never a dull moment during your time on the board.
mulberry listed on couponmatrix.ukFounded in the 1970s in Somerset, you’d be hard-pressed to find someone who doesn’t know about Mulberry. Mulberry leather handbags are famous all over the world, and the brand has reached icon status for its cutting-edge designs. Designer handbags don’t have to be out of budget – we’ve got the latest Mulberry discount code to help households save money here at Groupon! If you’re looking for a bag that lasts a lifetime, Mulberry is the one for you!
shreks-adventure listed on couponmatrix.ukWatch your favourite characters come to life at Shrek’s Adventure and make your day out in the big smoke one to remember for the whole family! Experience an interactive walkthrough adventure and the chance to meet Shrek’s friends - with these Shrek’s Adventure offers you’ll be able to entertain the little ones for even less this weekend, getting them out of your hair and having a great time without blowing your budget.