LAURA TINGLE: Happy New Year to you too. The bond markets certainly thought today's inflation news was good news. It's now pricing in a 68 per cent chance of a rate cut next month, up from 60 per cent. Interest rates are obviously the Reserve Bank's business but if you were just looking at the factors that you think are worth noting about the outlook for inflation, what would they be?
We, Jim and I, and the Government, we're focused on the things that we control, the decisions that we control. And that's why some of those measures that we've had - cost-of-living measures, tax cuts - we've all been looking at that through the guise of helping with cost-of-living pressures but not adding to the inflation challenge.
But we've been very clear in our decisions not to add to the inflation challenge in the economy, but also, importantly, provide cost-of-living relief, tax cuts, investments in Medicare, investments in those key services that people rely on just to give people a hand at the moment. This is a matter that departments manage. They live within their budgets. Their budgets are indexed, and they have staffing costs as part of those.
KATY GALLAGHER: Well, the cost for that will be reflected in the next budget update, as they, well, as they come into those forward estimates years. So that decision was taken in the normal way through the Cabinet and our own internal processes.KATY GALLAGHER: I think the funding will become outside of those forward estimates years, because it's a long-term project. The 80-20, I think the issue there is that somebody needed to step up and solve the Bruce Highway problem.
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