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

Key Points

• 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 IMF's economic forecast on Australia has sparked strong reactions from Canberra.
• With the federal election only a few months away, the cost of living crisis is expected to be a major issue for both major parties.