Over the past few weeks some economists and commentators have become rather obsessed and unhinged about Australia’s inflation rate. You can, I guess, understand people focusing on inflation, but that should not mean forgetting that an economy is a bit more than how fast prices are rising.
The shadow treasurer, Angus Taylor, displayed his inflation myopia when he recently retweeted a chart showing that among “peer” countries of the US, Canada, New Zealand, the UK and the eurozone, Australia has had inflation accelerate since December last year.
