Addressing a party rally in AdelaideAlbanese praised Labor’s role in reducing inflation after the Australian Bureau of Statistics’ latest quarterly report, released on Wednesday, showed headline inflation fell from 3.8% to 2.8% for the 12 months to the September quarter.

The report also showed that core inflation, the Reserve Bank of Australia’s preferred measure, fell by half, with the CPI measure falling to 3.5% from 4%.

The decline in headline inflation was facilitated by a litany of government power cuts that helped energy prices fall by 17.3%.

“Our economic plan prioritized helping people under pressure while fighting inflation,” Mr Albanese told the rally.

“When I came to government, the annual inflation was six in front and rising. Now he has a two in front and falls.

“Our responsible economic management has reduced inflation to its lowest level in nearly four years.”

After the ABS report initially came out, shadow treasurer Angus Taylor launched a scathing attack on the Albanian government’s role in the CPI figures.

“Labour’s fiscally unsustainable manipulation of headline inflation through subsidies is a desperate attempt to try and hide their economic failings,” the shadow treasurer said in a statement.

“Labour continues to offer only band-aid solutions. We know for sure that the base price of electricity has increased by over 30% since the election.”

The drop in energy prices was driven by a one-off $1,000 electricity bill rebate for each Queensland household, $75 per household from the federal government’s first Energy Bill Reduction Fund, a $400 grant in Australia from West and Tasmania’s $250 renewable energy dividend payment has seen energy prices fall by 17.3 per cent, the ABS said.

Economist Saul Eslake similarly said the fall in the inflation rate was “largely bought” by government energy cuts, along with an increase in Commonwealth rent assistance for pensioners and falling petrol prices.

Mr Eslake said that while the reduction in headline inflation was welcome, the rate of core inflation was still too high for the RBA to consider cutting rates this year.

The shadow treasurer’s fiery blast at the government comes in stark contrast to his Labor counterpart, Jim Chalmers, who said falling inflation was a sign the government was “on track and on target for a soft landing in our economy “.

“We are confident but not satisfied with the progress we are making,” the treasurer told reporters.

When he addressed Labor supporters on Sunday, Mr Albanese highlighted Labor’s cost of living initiatives to ease price pressures for ordinary Australians.

He acknowledged the many Australians, particularly workers, families and small businesses, who have struggled amid shaky economic conditions, but noted the progress made since Labor came to power in 2022.

“While there are still challenges ahead – still problems to solve, still people under pressure who need our help – when we look at today’s economy, we can see new reasons for optimism and new evidence that the worst of past,” he said. told attendees.

“Together we have faced a global storm and weathered it the Australian way, the work way, not cutting the services Australians rely on, not denying families the help they need in difficult times, but looking after people and looking towards future.”

Labour’s role in reducing inflation was also praised by Education Minister Jason Clare, who praised the government’s action during an appearance on Sunday’s Agenda.

“We’ve halved inflation,” he told Sky News’ Andrew Clennell.

“When I got to the office, he was tall and growing; now it’s low and it’s going back down into the band.”

The Prime Minister hit out at the latest inflation figures at a rally where he unveiled Labour’s “Building Australia’s Future” slogan.

The slogan continues the future orientation of the Albanian government, after its slogan “A better future” was used in the 2022 campaign.

In his speech, Mr Albanese positioned the Labor Party as the party for “building” the nation, claiming the Coalition was the party of “cutting”.