OPINION: A record 13.5 million people are working, but there is chatter about a global recession and Australia’s economy is testing the speed limit.
The war involving energy-rich Russia and China’s pandemic lockdowns are major causes of price pressures.Lowe admits consumer spending is running too strong and needs to be curtailed by higher borrowing costs.
The RBA will probably follow with another 0.5 of a percentage point rise in July and will need to keep lifting thereafter. The new Albanese government must join the fight against inflation, to avoid the stagflation bust of the 1970s that required years of painful interest rate tightening.The answer today surely lies in reining in excessive spending baked into the budget, combined with repeating a Bob Hawke and Paul Keating-style 1980s economic reform agenda to revive productivity and real wages.
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