Tackling the rising cost of living, Prime Minister Scott Morrison said Australians were facing “some of the toughest challenges in our economy since World War II”. and the Great Depression”.

He said the pandemic, Russia’s invasion of Ukraine and supply chain disruptions had all contributed to record inflation.

“These pressures are putting significant pressure on interest rates on inflation and the cost of living,” he said.

“Australians know what’s causing it.”

While acknowledging cost-of-living pressures were “real”, Mr Morrison said the problems abroad were worse.

“Those consequences overseas can be felt right here, but because of the strong economic management shield of a government that knows how to manage money … more and more Australians have jobs.”

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