Jim Chalmers is blaming Australia’s accelerating inflation on Trump – but voters aren’t buying it

AI desk brief

Australia’s September inflation re-accelerated to 4.3% from 4.0%, with the ABS saying a 9.4% jump in fuel costs was the main driver; petrol and diesel were 24% higher year on year. The piece says the RBA is now likely to deliver its fifth rate hike of the year, taking the cash rate to 4.85%, as officials focus on entrenched inflation rather than softer growth.

For metals, the near-term channel is tighter Australian policy and higher global energy costs: both are inflationary, but the expected RBA hike is a modest headwind via firmer yields and a less supportive macro backdrop. The article also points to continued overseas supply shocks and capacity pressures, which keep inflation risks elevated rather than resolved.