Australia could be about to record its worst inflation outcome in more than 31 years, paving the way for higher mortgage and lending rates.

The Australian Bureau of Statistics will release the consumer price index data for the June quarter - when the price of a supermarket iceberg lettuce hit $10 - on Wednesday.

The financial market consensus is for a headline annual inflation rate of 6.2 per cent - the highest since the December quarter of 1990.

That would be more than the 5.1 per cent rate logged in the March quarter, which was the fastest pace of annual price growth in 21 years.

"Since then, inflation has likely broadened and deepened," St George chief economist Besa Deda said.

The quarterly outcome is forecast at 1.8 per cent, which would be slightly lower than the 2.1 per cent recorded in the previous quarter.

But the range of economists' forecasts for the quarterly number is wide - between 1.6 per cent and 2.8 per cent - signalling uncertainty about how deeply entrenched price pressures have become since March.

While the main drivers of inflation in the June quarter will again be fuel and food costs, housing and building costs are also likely to be strong - perhaps as high as 20 per cent year-on-year, according to JP Morgan economists.

Other factors are adding to the pressure, particularly in the housing sector where rents are rising and demand for new homes and related construction services and products remains strong.

Inflation is rising all over the world following the outbreak of war in Ukraine on the back of rising commodity and fuel prices.

This in turn is hitting the costs needed to manufacture goods and transport them to their final destinations.

Adding in labour market constraints in Australia due to a very low unemployment rate of 3.5 per cent and upward pressure on wages, many businesses have had no choice but to raise prices.

In spite of the global pressures, domestic consumer demand is still relatively high, particularly for services in a post-lockdown world.

Just when inflation might come down again is unclear.

"One of the things we need to ... recognise is this is the first time in history we've had this sort of situation," Australian Food and Grocery Council CEO Tanya Barden said on Tuesday ahead of the data.

"Normally economic theory is quite a good sort of predictor of the future but in this situation, the (economic) uncertainty is just so unique that I don't think that economic theory is necessarily able to explain all of what we're seeing."

Ms Barden said she wouldn't be surprised if the annual inflation rate for the June quarter comes in closer to seven per cent.

Once the inflation data is known, all eyes will be on the central bank and its August 2 meeting to discuss lifting the 1.35 per cent cash interest rate.

"The Reserve Bank of Australia is pressing on with its most aggressive tightening cycle in history, and the June-quarter inflation print will likely cement in a hike of at least another 50 basis points for August," according to Moody's Analytics.

Westpac economists think the central bank will steadily lift the cash rate to 3.35 per cent by February 2023.

And therein lies the bad news for variable mortgage rate loan holders and borrowers.

© AAP 2022

Canterbury forward Corey Waddell has been found guilty of gouging Tino Fa'asuamaleaui's eyes and banned for five matches.

The NRL judiciary, comprising Dallas Johnson and Bob Lindner and chaired by Justice Geoffrey Bellew, deliberated for roughly 15 minutes on Tuesday night before unanimously finding Waddell's contact with the Gold Coast captain had been dangerous and reckless.

The match review committee referred Waddell directly to the NRL judiciary on a dangerous contact charge, meaning he had no option to enter a plea.

Waddell told the judiciary he had been attempting to bring Fa'asuamaleaui to the ground in a tackle when his arm reached over a teammate and onto the Titans captain's forehead.

Waddell insisted he had only touched the forehead and bridge of Fa'asuamaleaui's nose, doing so by accident and without applying pressure.

But after listening to NRL counsel Patrick Knowles, the judiciary was satisfied Waddell's middle and index fingers had come into contact with Fa'asuamaleaui's eye socket.

Knowles said it was "implausible" no contact had been made with the eyes given their proximity to the nose and forehead, adding there would be no reason for Waddell's hand to be on Fa'asuamaleaui's face in a tackle if not to apply pressure.

He presented a close-up image of the incident that the judiciary found to be persuasive.

Nicolaous Ghabar, counsel for Waddell, said video footage of the incident did not reveal whether there had been scraping or digging across the eye consistent with posing serious risk of injury.

But the judiciary found there was risk of injury regardless of the nature of the contact with the eye.

Ghabar questioned why Fa'asuamaleaui had not been called to give evidence and given the lack of visible injury caused by Waddell's actions, questioned whether he had played for a penalty by complaining to the on-field referee.

Knowles said the referee's incident report was evidence enough that Fa'asuamaleaui felt his eyes had been contacted and said players would be reluctant to give evidence against fellow players due to an unwritten code.

Knowles suggested a ban of at least five matches, citing Waddell's apparent lack of contrition and the serious nature of making contact with a rival player's eye.

Ghabar said Waddell did not demonstrate a lack of contrition, but genuinely felt the contact was an accident.

He said the "modest level of force" and "low level contact" with the eyes were consistent with a two-match suspension, but he was unsuccessful.

The judiciary opted to hand Waddell a five-match ban in the hopes it would deter other players from committing similar offences.

He will miss upcoming games against Newcastle, North Queensland, the Warriors, Parramatta and Cronulla and will not be available for selection until the Bulldogs' final game of the season, to be played against Manly.

© AAP 2022

The newest Speaker of the House of Representatives has welcomed the challenge of restoring order and respect to the Australian parliament.

Queensland MP Milton Dick was elected 32nd Speaker by his parliamentary colleagues on Tuesday.

He pledged to allow spirited debate in a respectful manner, acknowledging predecessors who had made the same promise.

"The difference is the people of Australia sent a very clear message on how they expect politics to be conducted, they want something different," he told parliament.

"I'm keen to work with every member to see that change but I need every member to commit to that change to make it work."

Mr Dick said his priorities would be ensuring an inclusive parliament that was also a safe workplace for all.

"My message to every member of this place is simple: my door is open," he said.

Before his election to federal parliament in 2016, Mr Dick was formerly a Brisbane City councillor and Queensland Labor state secretary.

He will no longer attend Labor party room meetings to fulfil his requirement as an impartial Speaker.

Mr Dick was described as a generous soul, careful listener, thoughtful and reasonable, with a "prodigious memory for numbers".

While the opposition endorsed former speaker Andrew Wallace for the role, leader Peter Dutton congratulated Mr Dick on securing the position.

In a secret ballot, Mr Dick won 96 votes to Mr Wallace's 56.

Prime Minister Anthony Albanese congratulated the new Speaker on his election and thanked Mr Wallace for his service.

"One of the things I've noticed about (Mr Dick) is that people will come to you for assistance and guidance," he said.

"You are someone who has always conducted yourself with extraordinary propriety."

The election of the Speaker was the first in a series of ceremonial events to mark the opening of Australia's 47th parliament.

The 151 members of the lower house were sworn in and pledged their allegiance to her majesty Queen Elizabeth II, her heirs and successors.

Among them, seven new independents took their place among the 15-strong crossbench and celebrated with hugs and handshakes.

Speaking at the welcome to country ceremony earlier, Mr Albanese urged his colleagues to make the most of their time in parliament.

His government is set to hit the ground running, introducing 18 pieces of legislation in the first week.

On the prime minister's initial legislative agenda are the aged care, labour, climate and domestic violence crises.

Proposed aged care reforms include putting nurses into nursing homes, stopping high administration and management fees, and improving the integrity and accountability of residential facilities.

Labor intends to enshrine a 43 per cent emissions reduction target by 2030 into a law that will also require the climate minister to report annually to parliament on Australia's progress.

A proposal to introduce 10 days of paid family and domestic violence leave will be unveiled.

In the jobs and skills sector, the government will propose a new statutory body to provide independent advice on workforce needs and help tackle Australia's labour crisis.

Governor-General David Hurley will address all members of parliament, outlining the priorities of the new government in the next three years.

Four new MPs elected on May 21 will make their first speeches to parliament in the evening.

Labor MPs Sally Sitou (Reid) and Zaneta Mascarenhas (Swan) will begin, followed by Liberal MP Aaron Violi (Casey) and independent MP Zoe Daniel (Goldstein).

© AAP 2022

The newest Speaker of the House of Representatives has welcomed the challenge of restoring order and respect to the Australian parliament.

Queensland MP Milton Dick was elected 32nd Speaker by his parliamentary colleagues on Tuesday, pledging to allow spirited debate in a respectful manner and acknowledging predecessors who had made the same promise.

"The difference is the people of Australia sent a very clear message on how they expect politics to be conducted, they want something different," he told parliament.

Mr Dick said his priorities would be ensuring an inclusive parliament that was also a safe workplace for all.

"My message to every member of this place is simple: my door is open," he said.

Before his election to federal parliament in 2016, Mr Dick was formerly a Brisbane City councillor and Queensland Labor state secretary.

He will no longer attend Labor partyroom meetings to fulfil his requirement as an impartial Speaker.

Mr Dick was described as a generous soul, careful listener, thoughtful and reasonable with a "prodigious memory for numbers".

While the opposition endorsed former speaker Andrew Wallace for the role, leader Peter Dutton congratulated Mr Dick on securing the position.

In a secret ballot, Mr Dick won 96 votes to Mr Wallace's 56.

Prime Minister Anthony Albanese congratulated the new Speaker on his election and thanked Mr Wallace for his service.

NSW Labor MP Sharon Claydon was elected deputy speaker and WA Liberal MP Ian Goodenough the second deputy.

A series of ceremonial events marked the opening of Australia's 47th parliament.

The 151 members of the lower house were sworn in and pledged their allegiance to her majesty Queen Elizabeth II, her heirs and successors.

Among them, seven new independents took their places among the 15-strong crossbench and celebrated with hugs and handshakes.

In an address, Governor-General David Hurley asked parliamentarians to unite the nation during the next term of government.

Speaking at the welcome to country ceremony earlier, Mr Albanese urged his colleagues to make the most of their time in parliament.

His government is set to hit the ground running, introducing 18 pieces of legislation in the first week.

On the prime minister's initial legislative agenda are the aged care, labour, climate and domestic violence crises.

Proposed aged care reforms include putting nurses into nursing homes, stopping high administration and management fees, and improving the integrity and accountability of residential facilities.

Labor intends to enshrine a 43 per cent emissions reduction target by 2030 into a law that will also require the climate minister to report annually to parliament on Australia's progress.

A proposal to introduce 10 days of paid family and domestic violence leave will be unveiled.

In the jobs and skills sector, the government will propose a new statutory body to provide independent advice on workforce needs and help tackle Australia's labour crisis.

During an evening condolence motion, the parliament paid tribute to former Japanese prime minister Shinzo Abe who was shot and killed earlier this month.

© AAP 2022