Prime Minister Scott Morrison says international challenges are to blame for Australia's cost of living crisis, as inflation soars to a 21-year high. 9News
If Australia's Reserve Bank raises the official cash rate next week, Scott Morrison will become the first prime minister to face an interest rate rise during an election since John Howard in 2007.However, speaking to reporters, Mr Morrison denied the two situations could be compared.Combined with export demand and higher fuel costs, food prices have been heading north at a faster rate than inflation.
Inflation is now at 5.1 per cent, its highest level since since 2001, when the Goods and Services Tax was introduced. "One of the Reserve Bank's main job is to control inflation, to control the cost of living, and what we have just seen is inflation at 5.1 per cent, and that's twice what wages are growing at.
While the extra stimulation to the economy was necessary, some actions, such as paying millions in JobKeeper to retail giant Harvey Norman had failed to have the desired impact, Mr Dennis said.
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