Reported at theconversation.com: Treasurer Jim Chalmers reported that Australia has made significant progress against inflation, with recent data showing underlying inflation at 3.2% and headline inflation at 2.4%, leading markets to expect an interest rate cut from the Reserve Bank in February.

Chalmers emphasized that while the fight against inflation continues, the worst challenges are deemed to be behind, urging careful consideration by the Reserve Bank amidst ongoing pressure on households from high rates.

The upcoming March budget may also introduce cost-of-living relief as discussions regarding potential election timing unfold, though speculation about a budget surplus remains cautious.