IMF warns Australia is falling behind on inflation

Australia's run of high inflation is predicted to surpass every advanced economy in the world bar one. The new economic outlook by the International Monetary Fund [IMF] shows only Slovakia is expected to have higher inflation than Australia by the end of next year. Australia's 2024 economic growth forecast has also been downgraded to just 1.2 per cent. Treasurer Jim Chalmers will fly to Washington DC for high-level talks with the IMF, World Bank and G20 economies.