Politics Now Jim Chalmers is running up that inflation hill
9 snips
Apr 30, 2026 
Shane Wright, senior economics correspondent at The Age and The Sydney Morning Herald, breaks down the recent CPI spike and what petrol-driven inflation means for interest rates. He discusses housing tax reforms, intergenerational ownership stats, and the politics around a gas profits tax. Short, sharp takes on budget signalling, energy diplomacy and who really owns Australia’s property market.
AI Snips
Chapters
Transcript
Episode notes
Petrol Spike Drove This Inflation Surge
- Inflation jumped from 3.7% to 4.6% driven mainly by a ~33% petrol price rise in March.
- Excluding petrol inflation would have fallen to ~3.4%, showing oil shocks can temporarily mask easing trends.
Rate Rises Still Working Through Mortgage Bills
- Reserve Bank rate decisions consider future effects and recent rate rises are only just feeding into mortgage repayments.
- Two recent rate rises haven't fully hit many mortgage holders, so monetary policy effects will increase over coming months.
Tax Changes Framed As Intergenerational Housing Fix
- Labor is focusing on capital gains tax and negative gearing to tackle intergenerational housing inequality.
- The government will target younger buyers with reforms and direct infrastructure spending to enable new homes.