New figures from the Australian Bureau of Statistics show headline and underlying inflation ticked up in July but were still well within the Reserve Bank's target band.
This is the eighth month in a row that headline and underlying inflation have come in below three per cent.
Volatile and one‑off factors including the end of state energy rebates, travel prices and fuel were behind the increase in today's results.
We know monthly inflation figures can jump around and are less reliable than the quarterly figures because they don't compare the same basket of goods and services from month to month.
The official quarterly numbers show that both underlying and headline inflation are at their lowest rates in almost four years.
We have made very substantial and sustained progress on inflation.
This progress on inflation has given the RBA confidence to cut rates three times in six months.
Inflation has more than halved since we came to office.
Headline inflation was 2.8 per cent through the year to July 2025, much lower than the 6.1 per cent we inherited.
Annual trimmed mean inflation was 2.7 per cent through the year to July 2025, much lower than what we inherited.
Today's data comes after a run of welcome news in the economy this month - from another interest rate cut to falling unemployment, the strongest real wage growth in five years and the gender pay gap at a record low.
Since we were elected, inflation is down, debt is down, real wages are growing, unemployment is low, and interest rates are falling.
Today's figures show the Albanese Government's responsible cost‑of‑living relief measures are making a meaningful difference in easing pressure on Australians.
Rents rose 3.9 per cent through the year but would have risen 5.1 per cent without the recent increases to Commonwealth Rent Assistance.
We've made a lot of progress in our economy in the past few years, but the job's not done because people are still under pressure.
The best way to boost living standards and modernise our economy is to make our economy more productive and resilient and make our budget more sustainable, and that's what we're doing.
