PM hopes painful inflation peak has passed, as questions linger over recession

Prime Minister Anthony Albanese is hopeful the worst of Australia's rising inflation has passed. 9News

Speaking on Today, Albanese said the federal treasury had modelled for inflation to peak "around about this time or in the first quarter of this year"."The whole world has been impacted by the Russian invasion of Ukraine, and we are not immune to it.""I think our economy still has very strong fundamentals," he said.

If that forecast proves accurate, it would be the third-weakest annual expansion in three decades, behind only the deep recessions that resulted from the 2008 global financial crisis and the coronavirus pandemic in 2020. The next Reserve Bank decision on interest rates is scheduled for February 7, where borrowers could face a ninth successive increase."We are very conscious of the pressure that is on people's cost of living at the moment," Albanese said.Continue reading

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