Overview

• Headline inflation remained steady at 2.4% annually in the March quarter, according to the Australian Bureau of Statistics.
• Core inflation, measured by the trimmed mean, fell to 2.9%, its lowest level since December 2021 and back within the Reserve Bank's 2–3% target range.
• Electricity prices surged 16.3% in the quarter due to the expiration of government rebates, while housing, education, and food also contributed to inflation.
• Markets and economists widely anticipate a 25-basis-point interest rate cut at the Reserve Bank's May 20 meeting, with additional cuts likely later in 2025.
• Treasurer Jim Chalmers highlighted the inflation data as evidence of responsible economic management ahead of the May 3 federal election.