An economic outlook the world was waiting to hear. But is it good news for Australia?

The International Monetary Fund predicts Australia's inflation will rise from 2.8 per cent to 3.6 per cent by the end of next year. The outlook positions Australia among the worst performing advanced economies in the fight against the cost of living crisis. The forecast comes just after Australia's Reserve Bank deputy governor dampened the expectation of rate cuts on Monday, and it could mean tougher conditions for Australian households.