Early company results have cheered investors, but the big price rises that have driven earnings will be felt across the economy – eventually.
David Rowe
at Suncorp, double-digit growth in prices at Boral and James Hardie, stronger wholesale power prices at AGL, and higher interest rates at CBA.profit gouging from the Australian Council of Trade Unions and the Greens But what’s more fascinating is the fact that all of the above companies appear to have had little problem pushing through these higher prices. For now at least, the economy is adjusting to these higher prices with relatively little of the pain that the Reserve Bank’s interest rate increases are designed to deliver.That’s logical.
For example, CBA boss Matt Comyn says only two thirds of the rate rises already delivered have been passed through to borrowers – and as his Westpac counterpart Peter King has reminded us, every rate rise from here will have a compounding effect.
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