Inflation, energy prices and wages growth on Labor’s agenda as pressure builds to provide relief to low income earners before October budget
- Bowen says ‘no silver bullet’ to lower prices as energy market operator given power to buy and store gas
- Follow our Australia news live blog for the latest updates
- Get our free news app; get our morning email briefing
The prime minister, Anthony Albanese, says a cabinet meeting on Thursday will consider how best to respond to the cost of living crisis facing Australians amid warnings inflation will significantly worsen this year.
The meeting of his new inner ministry comes after the Reserve Bank this week lifted the official cash rate by 50 basis points to try and get on top of rapidly growing inflation. All of the big four banks have passed on the rate hike to mortgage holders.
Sign up to receive an email with the top stories from Guardian Australia every morning
Continue reading...