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.
Prices rising faster than wages impact Australians, leading to increased homelessness.
Corporate profits and global supply chain issues contribute to record inflation rates.
Deep dives
Impact of Cost of Living Crisis on Australians
The podcast highlights the significant impact of the cost of living crisis on Australians, emphasizing the growing inequity and inequality in the country. It discusses how prices for everyday items are rising faster than wages, particularly affecting those who are already struggling financially. Cases of families, young people, and children experiencing homelessness or crisis have been on the rise, even among demographics not typically seen seeking help. The podcast underlines the urgency and severity of the crisis, with many individuals resorting to skipping meals or facing challenges in affording basic necessities, ultimately leading to increased instances of homelessness.
Factors Contributing to Ongoing Cost of Living Crisis
The podcast delves into the factors contributing to the persistent nature of the cost of living crisis, shedding light on the surge in corporate profits leading to inflated prices. It discusses how disruptions in the global supply chain, alongside profit gouging by companies, have fueled record inflation rates. Additionally, the discussion touches on the impact of the COVID-19 pandemic, which exacerbated price increases as people resumed spending post-lockdown. The podcast emphasizes the unique challenges faced by different demographics, with young individuals and those on low incomes experiencing heightened financial strain.
Call for Policy Reforms to Address Cost of Living Issues
The podcast advocates for policy reforms to address the ongoing cost of living crisis, highlighting the need for a comprehensive approach beyond traditional economic measures. It suggests alternatives to solely relying on interest rate hikes or burdening consumers with higher costs. Examples include implementing tax increases on high-income earners, redirecting subsidies from fossil fuel industries to essential services, and prioritizing social equality and cohesion. The podcast underscores the significance of making bold structural changes in government policies to combat income inequality, rising living costs, and other societal challenges.
This week, as the federal budget is handed down, we’re bringing you The Cost: Inside the living crisis.
We’ll explore the impact this crisis is having on our country, why it just isn’t ending and whether our leaders are doing enough to protect our standard of living.
Today, executive director of the Australia Institute Richard Denniss on when prices will finally stop going up – and the kind of country we risk becoming once the crisis is finally over.