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AP National Business

Australia aims to ease inflation pressures ahead of election

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Published 4:27 AM

By ROD McGUIRK
Associated Press

CANBERRA, Australia (AP) — Australia’s government has presented a range of economic measures such as halving the tax on gasoline in a bid to help cushion the impact of rising prices and win votes at elections due by May. Treasury Department documents show that inflation fueled by the Ukraine war, the pandemic’s disruption to supply chains and widespread flooding disasters across central and eastern Australia is expected to reach 4.5% in the current fiscal year. Treasurer Josh Frydenberg on Tuesday outlined his economic blueprint for the next fiscal year with an eye to elections that must be held by May 21. The measures include one-off 250 Australian dollar ($187) subsidies and tax offsets for millions of low and middle income earners. 

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