‘The RBA is predicting an astonishing fall in household incomes … The lack of discussion has me wondering if we need to think more about what the economic and political class considers is vital.’‘The RBA is predicting an astonishing fall in household incomes … The lack of discussion has me wondering if we need to think more about what the economic and political class considers is vital.
For example, it forecasts lower unemployment by June next year than the budget did, but higher inflation growth.Both organisations, however, are pessimistic about actual economic growth. Both have GDP growing below 2% for likely more than a year. While that’s not a definitive sign of a recession, it is something in the past that has only occurred during recessions.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundupWhat it does forecast, however, is a big fall in the amount of income households are going to have at their disposal to either spend or save. Part of the drop is because household incomes actually surged during the pandemic. This was because the Morrison government realised that stimulus works to keep the economy going and it also did not want to subject possible LNP voters to poverty so it nearly doubled jobseeker .If the graph does not display click here
As that abnormal boost of social assistance washed out you would expect incomes to fall, so it is not a shock that the RBA forecasts a 2.6% fall in real household disposable income by the end of this year.
The Canberra conclave of Treasury officials and Reserve Bank board members are overpaid and so immune to cost of living pressures.
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Thoughtful article by Greg Jericho. I see someone is already trying to point the finger at Labor who inherited this. I can’t image the Libs being able to manage this mess and a majority of voters agree.
May 2022 Albo Life will be 'cheaper' under me, Labor has real, lasting plans for cheaper electricity and cheaper mortgages. Hmm? Did you vote for Albo?
WoW, something we finally agree on.