Australia's rising inflation risks 4th rate hike

Australian inflation rose further, according to new data released that increases the likelihood of the central bank next week hiking interest rates for a fourth consecutive month. According to the Australian Bureau of Statistics, inflation in the year through June was 6.1%, up from 5.1% in the year through March.

The center-left Labor Party government was elected in May and Parliament resumed for the first time under the new administration. Treasurer Jim Chalmers intends to outline to Parliament Australia's deteriorating economic outlook since the previous government announced its economic plan in March.