For the first time this term, inflation may not dominate the budget. What will?

News Snapshot:

The often sombre International Monetary Fund sounded almost chipper this week when it declared the global inflation fight had reached its "last mile". "Markets seem convinced that most of the road to restoring [low inflation] is behind us," it said in its annual Fiscal Monitor report. "Prospects for a soft landing have improved." The last mile may yet present obstacles. The US got a nasty surprise last week when inflation came unexpectedly high. And Australia has been tracking about six months behind the US, so any declaration of victory is premature. Most forecasters now expect the first rate cut to...