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Originally posted by picastoc:
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Inflation has not happened because of either Labor or Liberal Governments. It is a world wide phenomenon. Inflation at 7% is alarming, inflation at 2 - 4% was the target range of the Governor of the Reserve Bank of Australia. It is the role of the RBA to keep control as much as they can on inflation. Not sure why so many people think that the government is to blame for everything in the economy. It isn't. After all, we are still in the midst of a pandemic and Job Keeper, Job Seeker and small business handouts got thrown into the economy at the beginning of this pandemic, and for that, we did not fall into recession, people worked from home and the unemployment rate was very much under control. The fact we have some international inflation coming from abroad and also due to the Russia/Ukraine war which has been going on for many weeks now, we in Australia have done amazingly well. We need to put into perspective what the media does to us..... it looks for sensationalism and over exaggerates. We, in Australia, are doing brilliantly. Inflationary periods have always occurred, referred to as business cycles, and they've been with us always. We have never had a depression since that of the 1930s since that time, largely because John Maynard Keynes told us exactly how to avoid one. The government needs to spend up big and keep the economy burbling along happily. That's what we still do when there is a crisis looming as we have had since 2018.....that's my understanding anyway.
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Hi Pica, it's often the rusted on political fanatics that blame government for stuff like interest rates. need to hold political parties to account that they like to take credit for low interests rates and good inflation rates but blame other factors when it doesn't look good
