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Inflation hits an extraordinary 5.1%

Higher mortgage rates are next ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

When Labor’s Anthony Albanese began the election campaign saying “everything is going up except your wages”, he wasn’t literally correct. Wages (on the official data) were climbing at an annual rate of 2.3%.

But he has effectively been proved right after all. The inflation figures released yesterday show consumer prices climbing at 5.1%, the highest rate in two decades. If wages continue to grow at just 2.3%, they will be climbing at half the pace of prices, sending the living standards of wage-earners backwards.

As John Hawkins writes this morning, it’s the cost of housing (up a barely-precedented 13.7% over the year) and the cost of petrol, up an astounding 35.1%, that are doing the most damage.

For mortgage-holders, and for a Coalition government fighting for re-election, it might be about to get even worse. The Reserve Bank board meets on Tuesday to consider pushing up interest rates, in a bid to get inflation under control.

Inflation hits an extraordinary 5.1% 1

Peter Martin

Section Editor: Business + Economy

Inflation hits an extraordinary 5.1% 2
Inflation hits an extraordinary 5.1% 3

Inflation hits an extraordinary 5.1%. How long until mortgage rates climb?

John Hawkins, University of Canberra

Inflation is well outside the Reserve Bank’s target band and higher than it has been for two decades.

Inflation hits an extraordinary 5.1% 4

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Our experts rated the Coalition’s model as either very unsatisfactory or a fail. Most agreed Labor’s proposed model is much better, but said a lot more detail is needed.

Inflation hits an extraordinary 5.1% 5

View from The Hill: Warring within Coalition over 2050 target brings some gold dust for ‘teals’

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Inflation hits an extraordinary 5.1% 6

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In 2000, fossil fuels were 80% of total energy consumption. In 2019, they were 81%. Renewables are simply not growing fast enough. It’s time to talk about cutting energy consumption.

Inflation hits an extraordinary 5.1% 7

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For the first time, only one novel has been shortlisted, amid works of poetry, essays and graphic fiction. They tackle big issues – racism, grief, sexual abuse – but are leavened by joy.

Inflation hits an extraordinary 5.1% 8

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A new study on intermittent fasting didn’t find much of an effect, but the participants usual diet patterns may have something to do with it.

Inflation hits an extraordinary 5.1% 9

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