Breaking News

History shows inflation could spiral out of control in Australia

Australia’s worst inflation spike since the introduction of the GST two decades ago could deteriorate unless the Reserve Bank raises rates on Tuesday.

Wars have historically caused inflation to soar to double digits with Australia’s latest cost of living crisis another case of global turmoil pushing up prices and inflicting financial pain on consumers.

An early 1950s conflict in Korea and a 1970s oil crisis in the Middle East could be a taste of things to come if history repeats and the Russia conflict worsens.

AMP Capital chief economist Shane Oliver said the double-digit inflation Australia experienced as recently as the 1980s could bite again unless the Reserve Bank acted soon and decisively.

‘It could if we let it,’ he told Daily Mail Australia.

In 2022, Russia’s invasion of Ukraine has…

Read the Full Article Here dailymail

About bourbiza mohamed

Check Also

AFL first as a Pie signs a pie: Collingwood’s Beau McCreery autographs a rat coffin for a fan

AFL first as a Pie signs a pie: Hilarious moment Collingwood’s Beau McCreery autographs a …

Leave a Reply

Your email address will not be published.