Former state leader Rambust is sending a false message about the surge in inflation


Former Queensland Prime Minister and current Senator Campbell Newman said Australia’s official inflation rate, announced last week, should be 3.5%, and low- and middle-income households will bear the brunt of rising living costs. I warned.

“This was coming. It was clear from February to March last year. The Federal Reserve Board denied this, as did the Reserve Bank of Australia (RBA) and (Minister of Finance) Josh Frydenberg. I denied it, “Newman told the Fed.

“Everyone in the business, and in fact, households, knew that the inflation tiger was loose,” said a LDP candidate. “As you know, there are moments like last week. Inflation is 3.5%.” Well, it wasn’t a surprise to adults. “

“I’m really angry that people in the US and Australian governments were pretending that it wasn’t happening,” he added.

Epoch Times Photo
Former Queensland Premier Campbell Newman speaks to the media on January 6, 2015 at the Qld Parliament Building in Brisbane, Australia (Glenn Hunt / Getty Images).

according to data The country’s annual inflation rate, announced by the Australian Bureau of Statistics (ABS) on January 25, reached its highest level since 2014, at that time at 2.6%.

Commodity and service costs have also risen with ABS, revealing a 1.3% increase in the annual consumer price index (CPI) over the past three months, including basic costs for food, fuel and building materials.

“I’m really worried about it. It will hurt people. It will hurt people in central Australia who are not wealthy, especially those who do not own assets and are trying to save for their first home,” Newman said. rice field.

He also hoped that the RBA would start raising interest rates, which, coupled with inflation, meant that young couples and individuals would pay more for their first home.

Warren Hogan, an economic adviser to Judo Bank, said the numbers surprised the financial sector, which, while incompatible with the RBA’s continued stance, was not a surprise to the average Australian.

“When things are changing, we haven’t heard about it fast enough. The RBA was shaken by this,” he said. Sky news australiaPlease note that this agency has a problem of “horrible communication” and announces inflation only once a quarter, not monthly, which is the standard for developed countries as a whole.

However, Hogan did not expect inflation to “runaway” as wage growth slowed.

“All of this ironically, wages aren’t moving. This inflation is happening for other reasons, which is a difficult reason for everyday Australians,” he said. “They are retreating. What they are paying — things are rising faster than their wages.”

Exciting spending from the US and Australian governments also contributed to the inflation problem as well as the pandemic, he said.

“In Australia, global supply chain pressure is rising and it’s finally emerging because the economy is booming,” he said.

However, Newman was skeptical that supply chain issues in COVID-19 were the root cause. Instead, he accused the government of “printing money.”

“The problem with the supply chain is fig leaves,” he said. “They are caused by inconsistent COVID-19 restrictions.”

“If this (mixed message about inflation) is intentional, it is trying to bear the value of unpaid national debt. Higher inflation causes the government to cut debt and undermine its true value. Is one of the best ways to do it. “

Global national debt has skyrocketed in the last two years after the government has deployed stimulus measures to lift the economy during government-mandated blockades and extended restrictions.

Daniel Y. Ten

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