POLL: Are You Concerned About the Rising Cost of Living?
It was small comfort that the Reserve Bank of Australia decided not to raise rates for the 11th consecutive month this week. The whole point of rate rises, according to the RBA, is to slow consumer spending. If inflation is caused by too much demand in the economy, the way to deal with that is to reduce demand. The way to do that is to make it so no one has any money left after paying their mortgage and rent, or so goes the logic.
Statistics show that the chief drivers of inflation are food, petrol, and housing. With food inflation surging by 9% during 2022, and some basic items like dairy, bread and meat going up by a lot more, is the RBA really proposing that the way to tame inflation is for us to stop eating? Sure sounds like it.
So, is the rising cost of living affecting you? Take our poll and let us know.
Change starts with you