- Inflation has fallen to a three year low of 2.7 per cent
- Miles Labor Government's record cost of living measures credited for helping drive headline inflation
- Miles Labor Government's $1000 energy rebates the driver for a 17.9 percent drop in power prices
The Miles Labor Government's cost of living relief package has driven the rate of inflation down within the Reserve Bank of Australia's target range.
This is the first time inflation has been in the RBA's target range in three years.
The latest inflation figures, released in the Australia Bureau of Statistics' Monthly Consumer Price Index Indicator, saw inflation drop from 3.5 per cent to 2.7 per cent.
The ABS highlighted the Miles Labor Government's cost of living measures as a driving force for the drop.
Specifically highlighted was the Miles Government's $1000 electricity rebates as power prices dropped nationally by 17.9 per cent.
The ABS also singled out the Miles Labor Government's 50 cent public transport fares for reducing national urban transport fares by 5.2 per cent.
Importantly, the RBA has been waiting for inflation to fall between 2 per cent and 3 per cent before it decides to reduce interest rates.
A reduction in interest rates would result in Queensland mortgage holders paying less on their monthly mortgages.
As stated by Deputy Premier and Treasurer Cameron Dick:
"Our Government has done the heavy lifting on inflation and now the Reserve Bank of Australia should cut interest rates.
"Our Government is doing what matter for Queenslanders, tackling cost of living pressures while putting downward pressure on inflation.
"Our $1000 energy rebates, 50 cent public transport fares and other cost of living measurers are taking the pressure off family budgets and reducing inflation.
