Reserve Bank of Australia Governor Michele Bullock revealed that a major contributor to surging inflation is homegrown problems.
Such a statement directly contradicts the claims made by the government, which state that higher prices are driven by global factors and are beyond Australia’s control.
In the essence of the speech last night, Ms. Bullock declared that hairdressers, dentists, dining out, sporting events, and other recreational activities were a few examples of services that were responsible for increasing prices.
“We’ve had three supply-side shocks arguably in the last few years, and it’s quite possible we’ll have more,” Ms. Bullock said during a press conference.
The RBA Governor then cautioned that further interest rate increases are on the way.
- Published By Team Australia News