'Encouraging': Jim Chalmers welcomes inflation figures

Treasurer Jim Chalmers has welcomed the latest CPI figures on Wednesday. Inflation dropped to 3.5 per cent in the year to July, down from 3.8 per cent in June. “I think this is a welcome, encouraging result in this monthly inflation data headline underlying, non-tradable, some really welcome developments,” Mr Chalmers said. “But we understand that people are still under pressure and that's why our cost of living ... is so important, whether it be the tax cuts, the energy bill relief, cheaper early childhood education, cheaper medicines, rent assistance, getting wages moving again.”