Commenting on the Australian inflation data, the country’s Treasurer Jim Chalmers wrote on X, “today's very welcome results are even better than market expectations, but we know people are still under pressure, which is why @AustralianLabor's cost of living tax cuts for middle Australia are so important.”

“New data from the @ABSStats shows we are making very welcome and encouraging progress in the fight against inflation, Government policies are helping, but this is not mission accomplished because we know people are still under pressure,” Chalmers added.