Ahead of Wednesday’s Australian quarterly Consumer Price Index (CPI) data release, the country’s Treasurer Jim Chalmers said that the worst part of the country's inflation crisis was over.

Key quotes

"The Australian economy will begin to soften a bit this year and that is the inevitable likely consequence of higher interest rates and a slowing global economy.”

"That's why our economic plan is cost-of-living relief in a responsible way and growing the economy without adding to these inflationary pressures."

"Energy is a bigger part of our inflation challenge in our economy.”

Market reaction

AUD/USD was last seen trading at 0.6997, up 0.47% on the day.