7am Australia, the ‘land of suck-it-up’
May 12, 2024
Richard Denniss, Executive Director of the Australia Institute, discusses the ongoing cost of living crisis in Australia, highlighting the impact on standard of living. Topics include inflation, government policies, and the potential consequences of the crisis. Denniss raises concerns about the kind of country Australia may become if the crisis persists.
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Unequal Impact of Cost of Living Crisis
- The cost of living crisis is hitting young people, low-income earners, and those with debt especially hard.
- It's driven by companies increasing prices faster than wages, not external factors like natural disasters.
Unique Nature of Current Inflation
- The current inflation crisis differs from past ones; it's fueled by post-COVID spending, supply chain issues, and profit gouging.
- This perfect storm makes predicting its end difficult, especially with additional factors like the war in Ukraine.
Consumer Spending and Inequality
- Viewing "consumers" as a single entity obscures the reality of the cost of living crisis.
- Some consumers struggle while high-income earners and CEOs thrive.