Treasurer Frydenberg: ‘Australia is not immune' as inflation rate soars

Responding to a 20-year inflation rate, Australian Treasurer Josh Frydenberg said the country was "not immune to international pressures driving up inflation".

Key quotes

"The single biggest increase was with respect to fuel prices – up 11 percent in the quarter and 35 percent higher through the year.”

"This is the single biggest increase in fuel prices since Iraq's invasions of Kuwait more than 30 years ago in 1990.”

“Australia is not immune from the international pressures driving up inflation. The COVID pandemic has led to major supply chain disruptions which has seen freight costs increase in some cases by fivefold or more."

The latest inflation figures "are a reminder to Australians that we are living in a complex and volatile economic environment".

"The war in Ukraine has seen a spike in fuel prices, gas prices and commodity prices being felt here at home.”