Chalmers proposes to deliver a ‘very responsible Budget’
A surge in inflation driven by a spike in fuel prices from the Iran war is “confronting”, the treasurer concedes, with the upcoming Budget set to focus on combating the issue. Inflation figures for March released Wednesday showed the headline rate rise from 3.7 per cent to 4.6 per cent for the month, following the cost of fuel soaring by about a third after the closure of the Strait of Hormuz. The data has increased the likelihood the Reserve Bank will hike interest rates for the third time in a row when it next meets on Monday and Tuesday. Treasurer Jim Chalmers said May