New figures from the Australian Bureau of Statistics showed prices were steady in October but ticked up in annual terms.
Today's annual result is higher than we would like but still much lower than what we inherited from our predecessors.
The flat monthly result in October was driven by falls in electricity and fuel prices, and a moderation in housing costs.
The tick up in annual terms in part reflects temporary factors such as the timing of state energy rebates and volatile items such as travel prices.
We know that households are still under pressure and that's why our responsible cost of living relief is so important.
Headline inflation was 0.0 per cent in the month of October but up 3.8 per cent in through the year terms.
Underlying inflation was 3.3 per cent in the 12 months to October.
When we came to office, headline inflation was 6.1 per cent and climbing - but it has now moderated substantially, which has given the RBA confidence to cut interest rates three times this year.
Underlying inflation was hovering around five per cent but is now much lower.
Today marks the first time the ABS has released complete monthly CPI figures.
It's an important change that will help inform decision‑making into the future.
Inflation remains persistent in many advanced economies, and there have been recent increases in inflation in the United States, New Zealand and Japan.
The global economy remains uncertain and people are still doing it tough, but Australia is well placed and well prepared to confront the challenges coming at us.
When we came to office, real wages were going badly backwards and had fallen for five quarters.
Last week's wages data showed annual real wages have grown for eight consecutive quarters - the longest run of real wages growth in almost a decade.
Since Labor was elected, inflation is down, debt is down, real wages are growing, unemployment is low, and interest rates have fallen three times this year.
While we've made good progress on the economy together, we recognise the job is far from over because people are still under pressure, which is why we're continuing to roll out responsible cost of living relief including tax cuts for every taxpayer, slashing student debt, cheaper medicines and more bulk billing.
Labor's economic plan is all about helping with the cost of living at the same time as we modernise Australia's economy to boost living standards.
We know the best way to improve living standards is to make our economy more productive and resilient and our budget more sustainable and that's our focus.
