Australians are poorer because of war on the other side of the world – Michele Bullock’s logic is hard to fault

‘Australians are poorer because of this shock to oil prices and energy prices and all the other commodity prices that are being impacted,’ Michele Bullock told journalists. Photograph: Dean Lewins/AAP

As far as rallying cries go, Michele Bullock’s “we are poorer, and there is no way out of that” leaves a lot to be desired.

It’s not going to win you any applause, particularly when you’re the governor of a central bank that has just announced a third rate hike.