Right on cue, the Bureau of Stats yesterday confirmed that inflation increased to an annual rate of 7.3% in the July-September quarter, up from 6.1% in the previous quarter. That’s the highest since 1990 – an era defined by high unemployment, 17% interest rates and the recession “we had to have”. So, it’s not really where we want to be… The circumstances today are different, but tolerance for inflation remains the same. Yesterday, Treasurer Jim Chalmers said it’s “public enemy number one” and “the dragon we need to slay.” Managing cost of living pressures was a key feature of the Albanese Government’s first budget delivered on Tuesday night with $7.5 billion allocated to 5 priority areas. But one inflationary boil yet to be lanced is electricity/gas prices – and the Albanese Government is being challenged to start explaining how they will bring those down as promised at the election. It’s a safe bet to expect a bit of that in Coalition leader Peter Dutton’s address in reply tonight.