Treasurer Jim Chalmers has promised to do all he can to ease cost-of-living pressures, but has warned inflation is "high and rising".
Dr Chalmers was sworn in on Monday after Labor secured at least a minority government at Saturday's federal election, and has been receiving briefings from Treasury officials in the past couple of days.
The treasurer says the idea that Labor is inheriting an economy that is performing well will be news to people copping the worst real wage rise cuts in more than 20 years.
