Australia news live: Chalmers and Gallagher to present final budget outcome; RBA interest rate hike looms
Summary
Australia faces rising unemployment, stubbornly high inflation, and a likely increase in interest rates by the Reserve Bank of Australia (RBA) to 4.6%, the highest in nearly 15 years. Treasury officials will soon present updated budget results, showing a smaller deficit than first expected, despite these economic challenges.Key Facts
- The RBA is expected to raise its official interest rate to 4.6% soon, a level not seen since 2011.
- Inflation in Australia remains high and may rise from 3.5% to 4% according to upcoming official data.
- Rising fuel prices have pushed petrol to $2.37 per litre and diesel to $2.69 per litre in major Australian cities.
- The US, Japan, and Europe have also increased interest rates, partly due to higher oil prices linked to the US-Iran war.
- Deputy Prime Minister Richard Marles acknowledged Australians are struggling and said the government is working to lower inflation.
- The Labor government rejected calls to cut fuel taxes again despite higher fuel costs.
- Treasurer Jim Chalmers and Finance Minister Katy Gallagher will present the final 2025-26 budget outcome showing an improved deficit forecast.
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