Treasury Predictions: Inflation to Return Below 3 Percent by December, Falling Further in 2025

Published on May 12, 2024

Australians could soon breathe a sigh of relief as federal budget forecasts reveal inflation may temper a year earlier than previously predicted. Treasury predictions in the budget, which will be handed down on May 14, show inflation dropping to 2.75 percent by December. The forecasts also show inflation remaining at 2.75 percent by the middle of 2025, before a further drop to 2.5 percent by the end of that year. The modelling in the budget shows inflation falling back to within the Reserve Bank’s target range of two to three percent almost one year earlier than the bank had forecast at its May meeting. Treasurer Jim Chalmers said inflation, which stands at 3.6 percent for the year to the March quarter, was moderating faster than Treasury previously expected....

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