Inflation has probably peaked in Australia – yes, it was a transient episode
Given yesterday’s extensive National Accounts analysis replaced my usual Wednesday blog post, I am using today to discuss a range of issues and provide a musical interlude into your lives for peace. Yesterday’s bad National Accounts data release took the headlines away from another data release from the ABS yesterday – the monthly CPI data results. Inflation is falling in Australia and has probably peaked. The RBA still thinks it is going to hike rates a few more times. As more data comes out, their cover (justifications) are evaporating by the day and it is becoming obvious that they are pushing rates up because they want to reclaim the territory as the ‘boss’ of macroeconomic policy irrespective of the costs and hardships they impose on lower-income Australian families. Shocking really. I also look at the new RadioMMT show which launched last week. And the debate about Covid continues but the evidence is being distorted badly by those who continue to claim it was all a conspiracy to bring us to heel. And then some music.