Chalmers: inflation could reach mid- to high-4% as NSW hikes underquoting fines

Jim Chalmers said Treasury modelling shows the war and other economic forces could push inflation in Australia into the “mid- to high fours”, up from the current 3.8%. He warned the 12 May budget will be “difficult” but will contain reforms, likely including changes to the capital gains tax discount and other tax settings.

The government does not expect fuel shortages, Chalmers told Sky, noting Australia’s large stockpiles of petrol, diesel and jet fuel and saying officials work to ensure supplies continue. He added there is volatility in global oil markets and the government is working with the competition watchdog to guard against price gouging.

In NSW, the Minns government will introduce laws this week to crack down on real estate underquoting, significantly hiking penalties.

Australia, NSW

jim chalmers, inflation, australia, treasury, budget, cgt discount, fuel shortages, oil markets, price gouging, underquoting