Australia's latest inflation figures were released yesterday which show the rate is at a three-year low of 3.2 per cent.

Federal Treasurer Jim Chalmers told Peter Fegan on 4BC Breakfast, "

I acknowledge that the cost of living pressures aren't over, but what we've been able to do together as Australians is get that inflation down and get wages up and keep unemployment low."

"And that does give me a bit of confidence about the year ahead."

"We've worked around the clock to try and turn things around, but we know that it's not yet mission accomplished because so many of your listeners are still under the pump," Jim Chalmers said.

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