00:00 There are encouraging signs in our economy.
00:05 Inflation is moderating, but they recognise, as we do, that inflation is still too high
00:10 in our economy.
00:12 And that's why this decision and the inflation figures that we saw last week, they do show
00:16 that we're making welcome and encouraging progress in this fight against inflation and
00:21 that our policies are helping to get inflation down, working in concert with the Reserve
00:26 Bank.
00:27 But it's not mission accomplished, Mr Speaker.
00:29 We know that because people are still under pressure.
00:33 Headline inflation is now at its lowest level in two years.
00:36 And monthly inflation has the three in front of it for the first time since December 2021.
00:42 We're realistic about the challenges facing our economy, persistent but moderating inflation,
00:47 higher rates and global uncertainty.
00:49 But we face them from a position of genuine economic strength.
00:54 We know inflation is still our defining economic challenge, but we are making encouraging progress.
00:59 [BLANK_AUDIO]
