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Australian economy: Everything has become expensive from houses to used cars amid inflation surge

From houses to rents, used cars and now petrol, prices are surging as Australia grapples with the worst inflation in more than a decade.

Australia’s headline inflation rate of 3.5 per cent is well above the Reserve Bank’s 2 to 3 per cent target, with consumer prices last year increasing at the fastest pace since 2008.

For home owners, this boosts the chance of an early interest rate rise in August 2022 from a record-low of 0.1 per cent. 

The aftermath of Covid lockdowns have sparked the biggest surge in Australian property prices in more than 32 years and sparked fears of social unrest as renters face steep living cost increases.

Houses near the beach in regional areas that were affordable for average-income earners before the pandemic are now more than double the price they were a decade…


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