Australia’s Treasurer has warned Australians that they should be bracing for grim inflation predictions at the end of the month.
Speaking to reporters in Canberra, Jim Chalmers said the impact of the continuing inflation rise on “real wages” would be “confronting” when he delivers his ministerial statement later this month.
Chalmers said inflation was currently at a two-decade high at 5.1%, but warned it was still forecast to rise.
He said the government was also having to be selective over what measures it takes to help ease the cost of living pressures.
“We have to be upfront with people, we can’t do everything that we’d like to do.
“We can't even afford the good ideas that people put to us, and we have to prioritise and our priority is childcare and medicines.”
There had been some slight relief for Australians over the weekend, with Prime Minister Anthony Albanese bowing to political pressure and reinstating the Covid-19 pandemic leave payment.
It’ll mean from this Wednesday, those who are isolating at home and don’t have access to sick leave will be entitled to a $750 payment.
However, Albanese warned it was only a temporary measure.
“Emergency payments are just that. They can’t continue forever,” he said.
SHARE ME