Canberra, Nov 3 (IANS) – Australian Prime Minister Anthony Albanese has offered a hopeful economic outlook, announcing that the worst of the inflation crisis appears to be behind Australia. Speaking at an event in South Australia, Albanese highlighted newly released data from the Australian Bureau of Statistics showing the consumer price index (CPI) rose by a modest 0.2% in the third quarter of 2024. This marks the lowest quarterly increase since mid-2020.
The CPI's annual rise of 2.8% up to September 2024 reflects the lowest inflation level seen in over three years. Australia's inflation rate reached a 32-year high of 7.8% in late 2022 but has since steadily declined.
Prime Minister Albanese acknowledged the strain inflation placed on workers, families, and small businesses but expressed optimism about the country’s economic recovery. "Together, we have faced a global storm, and we have navigated it the Australian way, " he stated, adding that, despite ongoing challenges, Australia now has "new reasons for optimism."
This announcement reflects Australia's promising progress toward economic stability following the recent inflation crisis, signaling renewed hope for Australians and a more favorable economic environment in the coming year.