There are so many threads here. The reserve bank governor is deeply unpopular in the broader public because of 2021 comments he made about there being no interest rate increases needed until 2024 [1]. As mentioned in the article, many companies are posting record profits, including supermarkets [2] - leaving low and middle income people hurting, and working more hours or side jobs. Those same people also face an adversarial rental housing market [3]. Competition, at least in this market, seems to be exerting very little downward pressure on prices for commodity goods. Buy-now-pay-later schemes continue to damage the poorest in our society - even big banks now make it easy to take on bad debt [4].
There are many challenges in Australia, but also opportunities to make things better.
There are many challenges in Australia, but also opportunities to make things better.
[1] - https://www.afr.com/policy/economy/lowe-admits-embarrassing-...
[2] - https://www.abc.net.au/news/2023-02-23/supermarket-profits-s...
[3] - https://www.abc.net.au/news/2023-01-19/australias-rental-mar...
[4] - https://www.nab.com.au/personal/buy-now-pay-later