Anthony Albanese has defended his Government’s economic record and management of inflation as he prepares to jet overseas for a conference with world leaders.

The Prime Minister will travel to COP 31 negotiations in Antalya in Turkey this week where Energy Minister Chris Bowen is serving as negotiations chief.

It comes after Mr Albanese was in the Caribbean with King Charles and Commonwealth allies while the RBA hit homeowners with a fifth interest rate rise.

Speaking in Canberra on Monday, Mr Albanese said Australia was looking to reduce emissions and such global gatherings were important to take action on climate change.

“Australia is playing an important role in reducing our emissions. In the December quarter of last year was the first time that renewables reached above 50 per cent of emissions,” he said.

Australia’s annual inflation has jumped to 4.3 per cent — up from 4 per cent the month before — and is set to remain outside the Reserve Bank’s target band until the end of 2027.

Opposition Leader Angus Taylor and his Coalition colleagues have repeatedly accused the Albanese Government of poor budget management and overspending.

However, the PM on Monday defended his Government’s economic decisions and attributed blame for the five interest rate hikes this year to the war in the Middle East.

“It’s also a fact that, unlike the budgets that we inherited, we have produced savings in every single budget and every single economic statement that we’ve made,” Mr Albanese said.

“We have seen inflation rise around the world.

“We saw last week interest rates increase, not just in Australia, but the Bank of England for the first time in a long while increased interest rates.

“I accept and my Government accepts completely that there are pressures on Australian families.

“We accept that as well, that we need to find savings in the Budget.”

Treasurer Jim Chalmers and Finance Minister Katy Gallagher have promised to make cuts in their mid-year economic and fiscal outlook in December.

The PM is also expected to travel to the Philippines for AEAN, China for the APEC Summit and the US for the G20 Summit later this year.