Inflation surges to 4.6% according to March data, triggered by global oil crisis | 7NEWS

Australia’s headline inflation surged to 4.6% in March 2024, the highest level in three years, driven primarily by a record fuel price increase of 32.8% and diesel up 41%. The Albanese government is preparing a budget response that may include changes to capital gains tax and negative gearing to address housing affordability for younger Australians, potentially breaking an election promise not to alter property taxes. The Reserve Bank is expected to raise interest rates, though economists predict it may be the final hike for the year.

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