Inflation 2024 Australia Time. While economic activity all but stalled in 2024, australia did not experience the recession that some commentators had predicted. Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance.

Our forecasts have annual headline inflation ending 2024 a touch above the rba’s two to three per cent target band, before falling into the band in 2025. The latest figure reflected the central bank’s efforts to balance.