Australia news LIVE: Inflation falls to lowest level in more than three years; voters back Dutton’s foreign investment property ban

Treasurer Jim Chalmers has welcomed Australia’s inflation rate falling to its lowest level in more than three years.

The Australian Bureau of Statistics on Wednesday reported that through the final three months of 2024, consumer prices climbed by 0.2 per cent. This took the annual rate to 2.4 per cent, down from 2.8 per cent in the 12 months to the end of September.

Speaking in Melbourne, Chalmers said these numbers were better than the market expected and are lower than the forecasts for inflation.

“These numbers are better than expected and better than forecast. What they show is we are making very meaningful, very substantial and now sustained progress in the fight against inflation,” he said.

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“It means that headline inflation is now at an almost four-year low and now sits in the middle of the Reserve Bank’s target band and underlying inflation is now at its lowest in three years.”

Chalmers used his opening speech to attack the former Coalition government’s handling of the economy, saying the latest inflation numbers are almost a third of the 6.1 per cent inflation rate Labor inherited.

“Inflation was much higher and rising fast under the Liberals and, when we came to office, we’ve been able to get on top of this inflation challenge and to get it down in a very meaningful way,” Chalmers said.

“Our political opponents, Peter Dutton and the Coalition, are focused on conflict and culture wars and they would make people worse off and take Australia backwards … if Peter Dutton had his way, Australians would have been thousands of dollars worse off, and they will be worse off still if he wins the election.”