Chalmers Insists Labor, RBA on Same Page Amid Inflation Rate Increase

Treasurer Jim Chalmers has denied being at odds with Reserve Bank governor Michele Bullock over inflation rates.

The RBA recently increased interest rates to 4.6%, their highest level in 15 years, after headline inflation jumped to 4% and underlying inflation remained steady at 3.6%.

Chalmers attributed the increase in headline inflation to higher global oil prices due to the ongoing war in the Middle East, which has pushed up fuel costs worldwide.

This stance is consistent with his previous statements, and he emphasized that government spending is not creating demand faster than supply can keep up.