“Unemployment can’t go much lower, and commodity prices can’t go much higher. We’ve ridden the current wave spectacularly well, but it has taken us about as far as it can. Now comes the tricky bit,” says Deloitte. | OPINION EKnightOfficial
The world has given Australia a pay rise. Perversely we have become a beneficiary of the post-COVID supply chain constraints and European war-induced energy crisis.
“Then came the war. Australia sells the world energy and food. Between them, so do Russia and Ukraine. But Russia’s war on Ukraine has sidelined them both, leaving the world scrambling for Australian gas and coal, and boosting prices for our iron ore and wheat too.”The COVID economic bounce back in Australia has been stunning - faster and better than was anticipated.
It argues that the rapid rise in interest rates won’t do much to lower inflation because while it might reduce demand for goods it won’t increase their supply.Consumers are not the only group not feeling the Lucky Country joy.
Deloitte argues the seeds of deglobalisation were sown in 2016 when the US launched a trade war against China. “That led to the sharpest increase in effective US tariff rates since the 1930s. China, too, despite giving lip service to the benefits of globalisation, imposed restrictions on cross-border capital flows and encouraged greater autarky in the production of goods.
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