Josh Frydenberg says it’s not the time to change horses when it comes to economic management, despite soaring inflation on his government’s watch.

The Federal Treasurer blamed international volatility such as the pandemic and Ukraine crisis for Wednesday’s grim inflation figures that showed the biggest rise in cost-of-living pressures in more than two decades.

Prices for goods and services rose 5.1 per cent over the past year, while in WA the figure was even higher at 7.6 per cent.

“With respect to inflation, it is being driven by international factors,” Frydenberg told Gareth Parker on 6PR Breakfast.

He acknowledged cost-of-living pressures were real and pointed to $40 billion of tax relief since the start of the pandemic, while noting inflation growth was higher in other countries.

“I believe that households and businesses in Australia are in a strong position… this is not luck that got us in this position,” he said.

“This is not a time for people to vote for a fake independent or a weak Labor leader or the chaos and confusion of a hung parliament.”

Press PLAY below to hear his interview with Gareth Parker