Jun 29, 2026 – 5.42pmTreasurer Jim Chalmers’ optimism over progress in taming inflation since Labor’s May budget has been tempered by leading economists who say the numbers are still worryingly high and trending in the wrong direction.While Australia had dodged an economic bullet with the oil price hitting a four-month low after the ceasefire in the Middle East, economists said fuel costs would not immediately bounce back to pre-war levels as governments around the world replenished their stockpiles.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles