Assistant Minister for Competition and The Treasury Andrew Leigh says Australia has an inflation problem because of “busted supply chains” and the war in Ukraine.
“The government’s working hard on the supply side, the Reserve Bank on the demand side, and together economists believe that inflation will be back in the target band within a couple of years,” Mr Leigh told Sky News Australia….(read more)
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Australia is currently experiencing a period of elevated inflation, which can be attributed to a variety of factors. Two key contributors to this issue are busted supply chains and the ongoing war in Ukraine.
Supply chains are the backbone of global trade, forming the networks that enable goods to be produced, transported, and sold. However, the COVID-19 pandemic has severely disrupted these chains, leading to shortages of key inputs and causing prices to spike. Furthermore, recent geopolitical tensions – such as those between the United States and China – have further strained supply chains, making it more difficult for Australian businesses to access the products and services they need.
One sector that has been hit particularly hard by these supply chain disruptions is construction. The cost of building materials has skyrocketed in recent months, making it more costly for businesses to build new infrastructure and homes. This has in turn pushed up prices for consumers, making it more expensive to buy property and driving inflation even higher.
Another factor contributing to Australia’s inflation headache is the ongoing conflict in Ukraine. This conflict has led to a number of economic sanctions being imposed by Western countries, which have in turn disrupted global supply chains and caused prices to rise further. Specifically, many of the goods and services that Australia imports from Europe have become more expensive as the result of these sanctions, which has had a knock-on effect on prices across the entire economy.
Clearly, Australia’s inflation problem is not simply the result of one single cause. Rather, it is the product of a complex set of circumstances, including busted supply chains and geopolitical tensions, that are working in tandem to drive prices higher. While there is no easy solution to this problem, policymakers must work to address the underlying causes of inflation in order to ensure that the Australian economy remains stable and prosperous in the long term.
How dumb, only one thing causes INFLATION… printing more money, the government working in collusion with the banks is the problem
quit gaslighting ppl.
It's the money printing and the socialist green net zero policies that are destroying Australia…………….ie greenflation.
Do what Russia has done and backed their currency by Gold. Australia is an effing joke.
Nothing to do with the trillion dollars borrowed during covid?
Almost the same in the U.S., as our inflation problem is caused by Joe Biden and his war in Ukraine.
Money printing during the pandemic, double dole, paying people to sit at home, not using our energy efficiently are mostly to blame.
Surely the continuous broadcasting of lies has to be Treason
What does the war in Ukraine have to do with a basket of groceries?
Shut him up.
Love how these twitts blame someone else all the time.
The problem we have is lack of affordable energy to drive industry, create new industry or capitalise on existing industries.
Globalisation & and poor policy is the problem and it's from both sides of the government.
My lawn has gone brown .
Because of the war in ukraine
Money creation by banks is the problem.
Solve it by increasing bank fixed reserves
When the people understand that Government is responsible for creating inflation hopefully then we can turn this ship around!
Stop printing money.
Nope printing money causes inflation aka money printing during covid. Irish government uses the same excuse blaming putin. This is an insult to our intelligence.
Western propaganda machine
Oh the lies just roll off your tongue so effortlessly Wingnut. No shame about you.
no it is not. its because u shut everything down for covid. now there is not enough made.
INFLATION CAUSED BY LIEBOR'S WAGES BREAKOUT AND NEW LABOR'S TAX HIKES , LABOR'S NEW CARBON TAX , LABOR'S INCREASES IN GAS & ELECTRICITY PRICES FEED THROUGH TO ALL RETAIL PRICES FOR GOODS & SERVICES ……LIEBOR'S RECKLESS SPENDING & TAX HIKES WRECKING THE ECONOMY AND LIEBOR ARE CLUELESS ON HOW TO FIX PROBLEM
Lies, lies…what a joke!