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The assistant treasurer, Daniel Mulino, has defended his government’s reaction to inflation, telling ABC Radio National:

We’re not blaming foreign situations and leaving it at that.

I think it’s important context to acknowledge that there are inflationary impulses coming internationally.

What we saw in the figures released earlier this week is that the conflict in Iran is lasting longer and is more severe than had been forecast, and that means that global energy prices are higher than had been expected a few months ago.

We’re seeing higher inflation than expected right across the advanced economy world.