Australia's treasurer says curbing inflation remains economic main game

Australia's Treasurer Jim Chalmers said on Sunday that stubbornly-high inflation in the country has likely peaked, but conceded it remains a big economic challenge.

Inflation is running at a 32-year high of 7.8per cent is only expected to slow to the top of the Reserve Bank of Australia (RBA)'s target range of 2-3per cent by mid-2025, reports Reuters.

Speaking from India, where he has been attending the G20 financial leaders' meet in Bengalaru, Chalmers said the global economy was on an "incredibly narrow path" with "the inflation challenge on one side, and a big global downturn on the other".

"Everybody here is trying to navigate that narrow and perilous path, we do have a big inflation problem in the global economy and in our own economy."