Treasury forecasts inflation hits five percent by mid-year, risks seven percent

Australia's inflation is likely to hit 5 percent by mid-year and could soar to 7 percent by Christmas if the Iran conflict pushes oil to $200 a barrel, Treasury forecasts show. The government's fifth budget will confirm ongoing price pressures, with inflation expected to peak higher than the Reserve Bank's 4.8 percent estimate, slowing economic growth and the jobs market.

Summary by Glance · SMH