ANZ boss Shayne Elliott has watered down claims from the new federal treasurer that inflation is “out of control” in Australia, but says there is no doubt it’s a “surprise” how things have trended economically recently.

The chief executive of the bank said inflationary pressures had “crept up” on Australians after a period of stability.

“None of us have lived through a period like this for quite a period of time,” he said.

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