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Who’s driving inflation? (hint: they’re wealthier and older)
Nov 12, 2023
Mike Seccombe, national correspondent for The Saturday Paper, explores the impact of intergenerational inequality on inflation. The discussion focuses on changes in spending patterns, the influence of housing costs, and the wealth effect. It also touches on news updates about Gaza hospitals and Australian shipping ports.
15:43
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Quick takeaways
- Wealthier and older Australians are driving inflation through increased spending on non-essential items, exacerbating intergenerational wealth disparity.
- Rising housing costs have forced younger Australians to reduce spending on non-essential goods and services, while wealthier, older Australians continue to spend more, contributing to higher inflation rates.
Deep dives
RBA raises interest rates to combat rising prices
The Reserve Bank of Australia (RBA) decided to increase interest rates by 0.25% in response to concerns about rising prices. Inflation has climbed to 5.4%, driven by increased spending from wealthier, older Australians who can afford non-essential items. Meanwhile, younger and less affluent Australians struggle to afford basic necessities like food and accommodation. The interest rate hike exacerbates the intergenerational wealth disparity, as younger people, who are often burdened with mortgages and childcare expenses, bear the brunt.
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