Australia’s inflation will peak at an annual rate of 7.75% by the December quarter of 2022 and fall gradually, allowing wage growth to begin providing workers with real salary increases by the 2023-24 fiscal year, the treasurer, Jim Chalmers, has said in his economic statement.
Describing the nation as facing both “once-in-a-generation” challenges and opportunities, Chalmers used his statement to parliament on Thursday to provide updated economic forecasts as well as reiterate priorities for the new government.
