CANBERRA, Jan. 29 (Xinhua) -- A soft landing for the Australian economy is increasingly likely after inflation fell to a three-year low, Treasurer Jim Chalmers said on Wednesday.
The worst of the inflation challenge is "well and truly behind us," Chalmers told a press conference after data released by the Australian Bureau of Statistics (ABS) earlier Wednesday showed that the annual rate of headline and underlying inflation both fell to three-year lows in the 12-month period to December 2024.
"I think what we're seeing here is a reminder that the soft landing that we have been planning for, and preparing for, is looking more and more likely," Chalmers said.
According to the ABS, headline inflation was 2.4 percent in the year to December and underlying inflation was 3.2 percent -- the lowest figures recorded since 2021 and lower than economists expectations.
Chalmers said that the data shows Australia's headline inflation is now lower than that of "most major advanced economies."
Meanwhile, he said he is working towards handing down the federal budget for the 2025-25 financial year in March before the general election, which must be held by May. ■
