CLANCY OVERELL | Editor | Contact
The Government breathed a sigh of relief overnight, as trimmed mean inflation fell to 3.2 per cent, down from 3.6 per cent in the September quarter.
Treasurer Jim Chalmers has insisted he is not celebrating this news just yet, and will wait until The Reserve Bank deliver its next interest rates decision on Tuesday February 18
However, financial markets and economists who aren’t employed by Sky News are now pricing a more than 90 per cent chance of a cut.
In fact, three of Australia’s big four banks are expecting a rate cut in February. This will be welcome news for the Australians who have been white-knuckling their finances for the Labor’s entire Parliamentary term.
It’s also great news for the government, who are terrified of voters punishing them for this global inflation crisis at the 2025 Federal Election – like they did during the Referendum.
Yesterday’s data shows the lowest rate of inflation in three years, which has hit all targets for the RBA Board to deliver its first rate cut since November 2020.
But the Treasurer has made it clear that nothing is ever concrete when it comes to the Reserve Bank of Australia.
“I’m not saying ‘this is on’ just yet” says Chalmers, as he stacks empty schooner glasses on the table in front of him in the centre of the Logan City Tavern DOSA (designated smoking area).
“But yes. If you must know. I have basically been sat in this chair and tipping jars since about 3pm yesterday, and I think I’ve just found my second wind”
As a renowned health and fitness guru, it is rare that the Logan MP would ever treat himself to much more than a sugar-free lemonade chandy – but it seems something has changed in the last 24 hours.
“Fuck me I was certain the RBA were gonna twist the knife today” The Treasurer told the Betoota Advocate.
“They might still do it yet in February, but at least I can relish in the fact that the Sydney Morning Herald isn’t allowed to call me a dumb cunt anymore”
“I’ve got Josh Papali’i and Jamal Fogarty joining me in half an hour if you wanna stick around and push the boat out”
“They are both back home in Logan for the Canberra off-season as well! [raspy pub laughter]”
